Auction of Critical and Strategic Minerals by Mines Ministry

Summary and Important Points:

1. Notice Inviting Tender:

• Issued on 29 November 2023 for 20 blocks of Critical & Strategic Minerals under Tranche I.

1. Industry Engagement:

• Conducted roadshows in New Delhi and Bhubaneshwar, and a pre-bid conference with significant industry participation.

1. Bid Submission and E-auction Process:

• Received 56 physical and 56 online bids for 18 blocks by 26 February 2024. Thirteen blocks annulled due to insufficient bids.

1. Second Round E-auction:

• Scheduled for 6 blocks with completion as per plan. Decision pending for the Kundol, Nickel, and Chromium Block of Gujarat.

1. Future E-auctions:

• Notice for Tranche III for 7 blocks issued on 14 March 2024, with submission deadlines in May 2024. Tranche II for 18 blocks also underway.

Additional Information:

• Critical & Strategic Minerals: Minerals deemed vital for the country's economic and security interests.

• MMDR Act: The legal framework under which mineral blocks are auctioned in India.

• Technically Qualified Bidders (TQB): Bidders who meet the technical criteria set forth in the auction process.

Examination Perspective and Concise Points for Use:

• Understanding of the auction process for mineral blocks in India.

• Importance of critical and strategic minerals to national interests.

• Role of the Ministry of Mines in facilitating the auction and development of mineral resources.

Key Words to Remember:

• Critical and Strategic Minerals

• E-auction

• MMDR Act

• Technically Qualified Bidders (TQB)

• Ministry of Mines

Link to Article : Press Information Bureau (pib.gov.in)

Released On : 29 March 2024