India Launches 2nd Auction of Critical Minerals: Worth Rs 30 Lakh Crore

New Delhi, Feb 29 (PTI) Union Mines Minister Pralhad Joshi on Thursday launched the second tranche of the auction of critical and strategic mineral blocks.

As many as 18 mines of critical and strategic minerals have been included in the second tranche, he said. The estimated value of mineral reserves is about Rs 30 lakh crore, Joshi said.

In November, the Minister launched the auction of 20 critical minerals, including lithium, worth Rs 45,000 crore.

Of the 18 mineral blocks, 17 have been put up for grant of composite licence and 1 for grant of mining lease.

The minerals in the second tranche include Graphite, Glauconite, Tungsten, Vanadium, REE, Nickel, Potash, Cobalt, Phosphorite, PGE, etc.

These mineral blocks are spread across eight states of Andhra Pradesh, Arunachal Pradesh, Chhattisgarh, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, and Tamil Nadu, Joshi said.

"After today, potash mining can start in India for the first time. It will greatly help the nation's farmers who are our Annadata," the minister said.

The two potash blocks are in Hanumangarh and Bikaner in Rajasthan and will further the vision of AatmaNirbhar Bharat by cutting down import of potash, he said.

These minerals are essential for the economic development of the country and its security, Joshi said adding its mining will generate new employment opportunities.

Earlier in the day, the Union Cabinet on Thursday approved the amendment in the MMDR Act to specify the royalty rate on 12 critical and strategic minerals including cobalt, gallium, indium, tungsten, and vanadium among others.

Critical minerals have become important for the nation's economic development and national security. There is a high demand for critical and strategic minerals. Critical minerals cater to the needs of sectors like renewable energy, defence, and agriculture.