Auction of 11 critical mineral blocks called off
Business Standard|December 30, 2024
The central government has annulled the auction of over half of the 21 critical mineral blocks offered in the fourth round of bidding, citing a poor response, according to a notification from the Ministry of Mines on the MSTC e-commerce portal.
NITIN KUMAR

Eleven blocks failed to attract the required minimum of three technically qualified bidders necessary to proceed with the auction process.

The success rate improved marginally after the Ministry of Mines conducted a second round of bidding for two blocks that initially drew fewer than three technically qualified bidders. While the first round mandates at least three qualified bidders to advance to the financial bids stage, the second round permits progress with just one. The two blocks were successfully auctioned in the second round, lifting the total number of auctioned blocks to 10.

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