In June last year, India unveiled its first list of 29 critical minerals open for private sector exploration and mining.
Since then, 38 critical mineral blocks have been auctioned, but only 14 — less than 37 per cent — have found bidders. This modest achievement was secured only after the Centre conducted a second round of auctions when the first round fell flat, failing to attract the minimum required bidders. Under the Mineral (Auction) Amendment Rules, 2024, the government can cancel the first-round auction if less than three technically qualified bidders participate.
For blocks that receive no bids, a fresh auction round is initiated.
Lacklustre industry interest
Industry experts said unclear reserve data and weak policy support are causing a lack of interest. Concerns are growing that India's self-reliance in critical minerals is at risk, as many winning bidders lack the necessary expertise and resources.
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