PFC Posts ₹75 Billion Net Profit in Q4 FY 2024, Loan Assets Rise 16% YoY

Coal-Fired Power Plants Run by Utilities Must Use 5% Biomass Pellets Annually

Trina Solar’s 2023 Profit Up 50% as Module Shipments Soar

Solar Park DPRs of Central PSUs Exempted from State Committee Vetting

Railways Invites Bids for 1.15 MW Rooftop Solar Projects in Varanasi Division

Tata Power Solar, Amplus and Roofsol: Top Rooftop Solar Installers in 2023

Daily News Wrap-Up: Solar Generation in India Rises 8.8% YoY to 32 BU in 2024

US Doubles Tariff on Chinese Solar Cells to 50%, Targets EVs and Batteries

Funding and M&A Roundup: Matrix Renewables Secures $322 Million Debt Funding

Project Finance Brief: BrightNight and Cordelio Secure $414 Million for Solar Project


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/11/amazon_polly_60849.mp3?version=1701324058">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The <a href="https://mines.gov.in/webportal/home" target="_blank" rel="noopener">Ministry of Mines</a> has invited bids for the grant of concessions for 20 critical mineral blocks across seven states and one union territory. The selection of eligible bidders will be based on the highest percentage of the value of mineral despatched quoted by them.</p>
<p>The last date for the submission of bids is January 22, 2024.</p>
<p>The tender document and applicable GST are priced at ₹300,000 (~$3,600).</p>
<p>The total area allocated for the first-ever critical minerals auction is 463.995 hectares.</p>
<p>The Ministry has identified four mineral blocks for mining leases (ML) and 16 mineral blocks for composite licenses (CL), intending to conduct an electronic auction.</p>
<p>The critical minerals essential for renewable energy listed in the auction include Lithium, Bauxite, Graphite, Nickel, Chromium, Copper, Manganese, and Molybdenum Ore.</p>
<p>The list of the mineral blocks for the auction is as follows:</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-60850 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-8.png" alt="" width="752" height="516" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-8.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-8-300x206.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-8-650x446.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-8-624x428.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-8-600x412.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></p>
<p>The reserve price is fixed at 2% for 19 blocks, except for the Kurchha Glauconite Block in Uttar Pradesh, which is set at 2.03%.</p>
<p>Bidders must acquire clearances to commence mining operations. This includes obtaining forest clearance, wildlife clearance for sanctuaries, reserves, or special zones, environmental clearance, and approval for the mining plan.</p>
<p>The preferred bidder must also secure consent to establish an explosive license, permission for mine opening, and approval for equipment installation or trial operation. Groundwater clearance at the central and state levels and approvals for railway siding, diesel storage, and power lines from the state&#8217;s power distribution company.</p>
<p>The preferred bidder must obtain clearances related to working under existing transmission lines or shifting such lines, village authority consent, and any other clearances necessary to initiate mining operations.</p>
<p>The initiative aligns with India&#8217;s commitment to achieving 50% of cumulative electric power installed capacity from non-fossil sources by 2030.</p>
<p>The energy transition plan is expected to boost the demand for electric vehicles, wind and solar energy projects, and battery storage systems, consequently increasing the demand for these critical minerals.</p>
<p>The significance of critical and strategic minerals lies in their essential role across various sectors such as renewable energy, defense, agriculture, pharmaceuticals, high-tech electronics, telecommunications, transport, and the establishment of gigafactories.</p>
<p>The demand for these minerals is being met mostly through imports.</p>
<p>The government this year amended the Mines and Minerals (Development and Regulation) Act to allow private companies to explore and mine critical minerals. Earlier, critical mineral exploration and mining were preserved by the public sector.</p>
<p>Royalties for critical minerals have been <a href="https://www.mercomindia.com/union-cabinet-approves-royalty-critical-minerals" target="_blank" rel="noopener">rationalized</a> to encourage more participation in auctions. In March 2022, the government specified royalty rates for Platinum Group of Metals (PGM) at 4%, Molybdenum at 7.5%, and Glauconite and Potash at 2.5%.</p>
<p>Subsequently, on October 12, 2023, royalty rates for lithium were set at 3%, nickel at 3%, and rare earth elements at 1%.</p>
<p>In June, India <a href="https://www.mercomindia.com/india-unveils-critical-clean-energy-and-cut-imports" target="_blank" rel="noopener">unveiled</a> its first-ever report on “Critical Minerals for India,” identifying a list of 30 critical minerals, comprising lithium, cobalt, nickel, graphite, cadmium, silicon, indium, and tellurium used in renewables.</p>
<p>In September, the government <a href="https://www.mercomindia.com/government-cost-for-critical-mineral-exploration" target="_blank" rel="noopener">announced</a> a 25% incentive on the approved project cost for exploration agencies in a bid to enhance the exploration of critical minerals. The decision aims to expedite the discovery and extraction of critical minerals, reduce the country’s dependence on imports, and foster self-sufficiency in these vital resources.</p>


Ministry of Mines Issues Tender for 20 Critical Minerals Blocks

vital-resources

Get the most relevant India solar and clean energy news.

RECENT POSTS