India to Auction 100+ Critical Mineral Blocks by Feb 2024

New Delhi, Dec 19 (PTI) Nearly 100 more blocks of critical minerals will be put on auction before February next year, Coal and mines minister Pralhad Joshi said on Tuesday.

The government had last month launched the auction of 20 critical minerals worth Rs 45,000 crore.

About 100 blocks are ready for auction, the Union minister said during the launch of National Geoscience Data Repository Portal and a roadshow on critical minerals.

More than 45 companies participated in the road show, he said.

To make the country self-reliant, the government wants to make the coal sector investor- and industry-friendly, he said.

Critical minerals have become important for the nation's economic development and national security.

The minister further said offshore minerals will be put on sale in the auction that will take place in March and April.

Mines Secretary V L Kantha Rao said India is in an advanced stage of discussion with Argentina to acquire lithium blocks.

India is also in preliminary discussions with Bolivia to acquire lithium mines, he said.

The Union cabinet had earlier approved royalty rates for three critical and strategic minerals.

The approved royalty rates for lithium, niobium and REE are 3 per cent, 3 per cent, and 1 per cent, respectively.