To improve vital mineral production in India, the government will open bids for 20 important mineral blocks in the next two weeks, according to PTI.
Mines such as lithium and graphite are among the 20 important blocks, Mines Secretary V L Kantha Rao told reporters on Tuesday.
The Centre approved royalty rates of 3% for lithium and niobium, and 1% for Rare Earth Elements (REE) last month.
Following India's emphasis on lowering reliance on fossil fuels and achieving net zero emission targets, vital minerals have become an important aspect of the country's economic development and national security.
Critical mineral blocks such as lithium are essential in the production of electric vehicles. Massive lithium resources were discovered in Jammu and Kashmir in February, with estimated reserves of 5.9 million tonnes.
India's Mines Ministry intends to auction off a number of significant mining blocks in the long run. According to The Hindu Business Line, the auction could result in the sale of 100 or so plots.
The auction of these important mineral blocks has been approved for August 2023. Following the auction's acceptance, SBI Caps was appointed as transaction advisors.
According to The Hindu, revisions to the Mines and Minerals (Development and Regulation) Act were introduced in July this year to help catalyse India's transition to a green economy. Private investments in certain precious minerals, including lithium, were permitted under the amendment.