ASIATODAY.ID, NEW DELHI – The Indian government has called off an auction of 11 critical mineral mining sites in the fourth round due to a lack of sufficient interest, PTI news agency reported. According to the annulment notice, four blocks failed to receive any bids. The remaining seven attracted fewer than three technically qualified bidders, leading to the cancellation of the process.
The tender was the fourth round of auctions for a total of 24 strategic mineral blocks held by New Delhi this year.
The latest round featured a variety of critical sites across several states, including glauconite, phosphorite and limestone mines in Chhattisgarh, as well as rare earth elements (REE) and associated minerals such as copper and gold in Arunachal Pradesh. Other blocks included phosphate and REE, nickel and platinum group elements (PGE) in southern Karnataka state; potash and halite in Rajasthan; and REE in Uttar Pradesh.
Labeled as ‘critical minerals’, these, including cobalt, copper, lithium, nickel, and rare earth medals, are essential for smartphones and clean energy technologies such as electric vehicles. This is not the first time New Delhi has issued such cancellations. Earlier this year, the auctioning of three critical mineral blocks was called off in the third round and the selling of 14 sites each in the first and second rounds was canceled due to lack of interest.
This development comes against the backdrop of the Indian government’s plans to launch a Critical Mineral Mission next year to tackle mounting challenges in securing resources vital for green energy and advanced technologies. The mission focuses on collaboration between the government, industry, and research institutions, as well as the acquisition of key overseas mineral assets, including lithium and cobalt from Australia, while at the same time ramping up domestic mining operations.
New Delhi is planning to include streamlining auction processes and hosting global roadshows to attract foreign investment, aiming to position India as a major player in the international mining sector. Experts point out that the race for critical minerals is intensifying worldwide. A report by the World Bank Group reveals that the production of minerals like graphite, lithium, and cobalt could rise by nearly 500% by 2050 to meet the surging demand for clean energy technology. The report estimates that more than 3 billion tons of minerals and metals will be required to support the deployment of wind, solar, and geothermal energy, along with energy storage systems, essential for achieving a future where global warming remains below 2°C.
Similarly, the International Energy Agency anticipates a 30-fold surge in demand for minerals such as lithium and cobalt by 2040, driven by the rapid growth of electric vehicles and battery storage systems. These minerals are also crucial for the semiconductor industry, which underpins modern technology – from data centers to smartphones. (RT)
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