In a strategic move, India is set to auction critical and offshore mineral blocks, along with issuing exploration licenses in 2024, aiming to revive the mining sector and spur economic growth. Mines Minister Pralhad Joshi disclosed plans for regular critical mineral auctions, aligning with the government s focus on self-reliance.
The development will attract bigger mining companies in the exploration arena and is likely to encourage junior mining companies from around the world to come to India and take up exploration projects with National Mineral Exploration Trust (NMET) funding.
n a bid to address potential supply chain vulnerabilities for materials like lithium, cobalt and titanium, the Centre launched the first tranche of the Critical and Strategic Minerals Auction on Wednesday.