In an official announcement on Tuesday, the Centre revealed its plan to kick off the inaugural round of auctions for critical and strategic minerals on November 29, featuring the auction of 20 blocks. According to the statement, these minerals, vital for economic development and national security, will be spread across various locations in the country.
Describing this endeavor as a groundbreaking initiative, the Ministry of Mines expressed confidence that the auction would significantly contribute to the nation’s economic growth, fortify national security, and support the ongoing transition towards a cleaner energy future.
Critical and strategic minerals, essential for various sectors such as renewable energy, defense, agriculture, pharmaceuticals, high-tech electronics, telecommunications, transport, and the establishment of gigafactories, are typically sourced through imports due to high demand.
The mines ministry had previously indicated its commitment to formulating a comprehensive policy for managing critical minerals. This policy aims to establish a roadmap for strengthening the supply chain of these indispensable resources. In a recent statement, the ministry outlined, “The strategy will also delineate the roles and responsibilities of various ministries within the Government of India to ensure the resilience of the supply chain of critical minerals.”
Simultaneously, the ministry is in the process of developing a strategy for metal recycling, intending to enhance recycling capabilities and streamline the recycling process. Collaborative efforts are underway with partner countries to co-develop capabilities in mineral processing and raw material manufacturing.
Beyond domestic initiatives, the Ministry of Mines is actively participating in international partnerships and alliances, including the Minerals Security Partnership (MSP) and the Australia-India Economic Cooperation and Trade Agreement. These engagements seek to strengthen the critical minerals value chain through multilateral and bilateral efforts, contributing to a resilient global supply network.
