Govt to auction 100 critical mineral blocks

India is gearing up to auction around 100 critical mineral blocks within the next four months as part of its strategy to secure a domestic supply of essential raw materials required for the green energy transition.

These mineral blocks encompass resources such as nickel, lithium, cobalt, platinum, rare earths, and more. The country aims to become a prominent manufacturing hub for batteries and electric vehicles and work towards its net-zero emissions goal. Notably, India currently lacks local production of crucial materials like lithium, cobalt, and nickel.

To encourage both global and domestic mining companies to participate in the auctions, the Indian government plans to reimburse half of the exploration costs incurred by the companies. However, it is anticipated that it will take a minimum of three years for these mines to become operational.