20 critical mineral blocks to go on sale

The government will launch the first round of auction of critical and strategic minerals on November 29, putting 20 blocks under the hammer.

The government will launch the first round of auction of critical and strategic minerals on November 29, putting 20 blocks under the hammer.

Twenty blocks of critical and strategic minerals being put on sale are spread across the country, an official statement said.

Critical minerals cater to the needs of sectors such as renewable energy, defence and agriculture.

The auction will take place online via two stage ascending forward auction process. The sale of tender document will begin from November 29, the Mines Ministry said in a statement on November 28.

"Details of the mineral blocks, auction terms, timelines etc. can be accessed on MSTC auction platform," the statement said. The revenue generated from these auctions will accrue to the States.

"This is a landmark initiative that will boost our economy, enhance national security and support our transition to a clean energy future," the Ministry said.

There is high demand for critical and strategic minerals. Their demand is usually met by imports. Critical minerals are essential for our economic development, the country and its security, the official statement said.