Maiki South Wins India's First Lithium Block Auction
By Rediff Money Desk, New Delhi Jun 24, 2024 17:57
Maiki South Mining Pvt Ltd has won the first lithium block auction in India, located in Chhattisgarh. The auction was part of the fourth round of auctions for critical and strategic minerals.
New Delhi, Jun 24 (PTI) Maiki South Mining Pvt Ltd has bagged the country's first lithium block in Chhattisgarh, the government said on Monday.
The block was awarded to the company at an auction premium of 76.05 per cent.
The result was declared during the launch of the fourth round of auctions of critical and strategic minerals.
Maiki South Mining has emerged as the preferred bidder for Katghora Lithium and rare earth elements (REE) block in Chhattisgarh, the mines ministry said.
Union Minister of Coal and Mines G Kishan Reddy announced the launch of the fourth round of auction of critical and strategic minerals in which 21 blocks have been put on sale.
Of these blocks, 11 are fresh blocks in states, including Arunachal Pradesh, Jharkhand, Karnataka.
Speaking on the occasion, Reddy said the reforms that took place in 2015 in the mining and mineral sector is showing benefits.
Speaking on the occasion, Mines Secretary V L Kantha Rao said the mines ministry will ensure the production from critical minerals begins very soon.
He also assured that in every 15 days there will be reform in the mining sector.
The government received 56 physical bids and 56 online bids for 18 of the 20 blocks offered during the first tranche of the auction, which began on November 29, 2023.
However, the auction for 13 of the 20 blocks was cancelled due to a lukewarm response.
Seven of these cancelled blocks were re-notified for auction in the third round.
The block was awarded to the company at an auction premium of 76.05 per cent.
The result was declared during the launch of the fourth round of auctions of critical and strategic minerals.
Maiki South Mining has emerged as the preferred bidder for Katghora Lithium and rare earth elements (REE) block in Chhattisgarh, the mines ministry said.
Union Minister of Coal and Mines G Kishan Reddy announced the launch of the fourth round of auction of critical and strategic minerals in which 21 blocks have been put on sale.
Of these blocks, 11 are fresh blocks in states, including Arunachal Pradesh, Jharkhand, Karnataka.
Speaking on the occasion, Reddy said the reforms that took place in 2015 in the mining and mineral sector is showing benefits.
Speaking on the occasion, Mines Secretary V L Kantha Rao said the mines ministry will ensure the production from critical minerals begins very soon.
He also assured that in every 15 days there will be reform in the mining sector.
The government received 56 physical bids and 56 online bids for 18 of the 20 blocks offered during the first tranche of the auction, which began on November 29, 2023.
However, the auction for 13 of the 20 blocks was cancelled due to a lukewarm response.
Seven of these cancelled blocks were re-notified for auction in the third round.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 9.80 ( -0.71)
- 44492337
- G V Films
- 0.94 (+ 9.30)
- 37404318
- Jaiprakash Power Ven
- 19.44 ( -3.38)
- 30530141
- Spicejet Ltd.
- 62.79 ( -4.25)
- 22824171
- Srestha Finvest
- 0.89 (+ 4.71)
- 21696619
MORE NEWS
Paytm CEO on Consumer Payments Focus &...
Paytm CEO Vijay Shekhar Sharma outlines the company's focus on recovering lost consumer...
Exicom Acquires Tritium for Rs 310 Cr: EV...
Exicom, an Indian EV charging solutions firm, has acquired US-based Tritium for USD 37...
India Eases Rice Exports: South Africa Welcomes...
South African importers welcome India's decision to ease rice export restrictions,...