New Delhi: In a significant development, the Government has canceled the auction of 11 crucial mineral blocks in the fourth round, following a poor response from companies. According to the cancellation notice, four of the blocks received no bids, while the remaining seven blocks garnered fewer than three technically qualified bids.
The blocks in question, including Tungsten and Glauconite, are located in the states of Chhattisgarh and Arunachal Pradesh. The Ministry of Mines stated that since no bids were received for these four blocks, the auction process for them has been officially called off. As for the seven other blocks, which are rich in strategic minerals like Cobalt, Copper, Lithium, Nickel, and others, the auction was canceled because they failed to attract the required number of eligible bidders.
These minerals are crucial for the production of clean energy technologies, including wind turbines and electric vehicles, making them of significant importance for the country’s energy transition goals. The Ministry of Mines highlighted that the lack of interest in these blocks is disappointing, as these minerals are critical to the future of sustainable energy.
This is not the first time that mineral block auctions have faced poor participation. Earlier rounds have also seen a less-than-expected response, leading to the cancellation of several key auctions. However, despite these setbacks, the Government remains committed to selling important and strategic mineral blocks. In previous rounds, a total of 24 such blocks were successfully auctioned, according to the Ministry of Mines.
The cancellation of these 11 blocks raises concerns over the viability of future auctions for strategic minerals, and it remains to be seen how the Government will address the issue of low industry participation moving forward.
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