The Business Bytes
TBB BUREAU
BHUBANESWAR/NEW DELHI, FEB 8, 2024
In preparation for the highly anticipated inaugural auction of Critical and Strategic Minerals, spearheaded by Union Coal and Mines Minister Pralhad Joshi on November 29, 2023, the Mines Ministry orchestrated a strategic roadshow in Bhubaneswar on Wednesday to engage with potential bidders from the region.
The objective of the roadshow was to provide comprehensive guidance to prospective bidders regarding the intricacies of the auction process.
Notable figures present at the event included designated officer and Mines Ministry Joint Secretary, Veena Kumari Dermal, NALCO Chairman-cum-Managing Director, Sridhar Patra, along with senior officials from the Ministry of Mines and the Odisha Government. They actively interacted with industry consultants, exploration agencies, and potential bidders, underlining the significance of this milestone auction.
In this inaugural tranche, a total of 20 critical and strategic mineral blocks are slated for auction, with 16 earmarked for the grant of Composite License and 4 for Mining Lease.
The minerals up for grabs encompass a diverse array including Graphite, Glauconite, Lithium, Rare Earth Elements (REE), Molybdenum, Nickel, Potash, Platinum Group Elements (PGE), and Phosphorite. These blocks are spread across several states including Bihar, Chhattisgarh, Gujarat, Jharkhand, Odisha, Tamil Nadu, Uttar Pradesh, and the Union Territory of Jammu and Kashmir. Notably, 4 of these blocks are situated in Odisha.
Kicking off the discussions, NALCO CMD, Sridhar Patra, underscored the pivotal role of Critical and Strategic Minerals in driving modern technological advancements, fostering economic growth, and bolstering national security. He shed light on the multifaceted industrial applications of these minerals, setting the tone for the deliberations.
Subsequent presentations were delivered by SBI Capital Markets Limited, acting as the Transaction Adviser, MECL (Mineral Exploration Corporation Limited), serving as the Technical Consultant, and MSTC (Metal Scrap Trade Corporation), the e-auction platform provider. These presentations meticulously outlined the intricacies of the auction process, technical aspects of bid submission and registration, and provided detailed insights into the 20 blocks up for grabs.
Reiterating the imperative need for the exploration of critical and strategic minerals, Veena Kumari Dermal emphasized their wide-ranging applications across various sectors including renewable energy, defense, and high-tech industries, while also highlighting their pivotal role in driving economic growth and national security. She offered insights into the Ministry of Mines’ efforts in drafting recent amendments and outlined future steps planned to facilitate the auction of critical and strategic minerals.
Dermal also spotlighted a significant milestone achieved by the Ministry of Mines through the signing of an agreement between KABIL and a state-owned enterprise in Argentina for the exploration and subsequent exploitation of five lithium blocks in Catamarca Province, marking the first-ever agreement for lithium exploration and mining project by a Government Company of India. Furthermore, she elaborated on the proactive measures taken by the Government of India on both international and domestic fronts to ensure a robust supply chain of critical and strategic minerals for downstream industries.
Encouraging active participation, Dermal urged potential bidders to partake in the auction process, underscoring its significance for the nation’s economic trajectory and industrial ecosystem.
The deadline for the sale of Tender Documents is February 13, 2024, with the last date for bid submission set for February 20, 2024. The e-auction bidding will commence thereafter, marking a crucial step forward in the strategic utilization of India’s mineral resources for economic prosperity and national advancement.
