India Launches Second Round of Critical Minerals Block Tenders 18 critical minerals blocks involving tungsten, vanadium, cobalt and nickel will be auctioned

Published: Mar 1, 2024 19:03

Save

[India launches second round of critical mineral block bidding 18 critical mineral blocks involving tungsten, vanadium, cobalt and nickel will be auctioned] According to the Mining.com website, citing Reuters, Indian mining minister Pralhad Joshi revealed on Thursday that a second round of critical mineral block auctions worth 30 trillion rupees (about 362 billion US dollars) will be launched. According to the government announcement, 18 critical mineral blocks will be auctioned, involving minerals including tungsten, vanadium, cobalt and nickel, among others. Joshi added that there will be no more coal shortages in India this year.

India's mining minister, Pralhad Joshi, revealed on Thursday that a second round of auctions for critical mineral blocks, worth 30 trillion rupees (about $362 billion), will be launched, according to the Mining.com website, citing Reuters. Eighteen critical minerals including tungsten, vanadium, cobalt and nickel will be auctioned, according to the government announcement, in Chhattisgarh, Madhya Pradesh, Karnataka, Maharashtra and Rajasthan, among others. Of these, 17 blocks are multi-licensed, and one is a mining license. The comprehensive licence includes exploration and development. Joshi added that five states – Maharashtra, Madhya Pradesh, Haryana, Chhattisgarh and Rajasthan – will auction off critical mineral exploration blocks separately. Separately, he revealed that the first round of auctions, which the government launched in November last year, received 56 applications from institutions, including Vedanta Ltd, Coal India, Shree Cement, Ola Electric, Dalmia group and Jindal Power. The first second round of auctions will take place in mid-March, and the winning bidders will be announced in mid-April. Joshi added that there will be no more coal shortages in India this year. Joshi's remarks came a week after Coal India announced that its coal production target for FY2025 would be lowered due to ample inventories.

Nickel Market review New Energy

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

40 mins ago

Lexus Korea Opens Pre-Orders for All-New ES, Adding First BEV Model

Lexus Korea has begun pre-orders for the 8th-generation All-New ES, marking the first time the ES lineup will include a battery electric vehicle (BEV) model. The new ES will be launched in South Korea on October 13, with both hybrid and BEV versions offered. The BEV lineup will include the front-wheel-drive ES 350e and all-wheel-drive ES 500e. The ES 350e has a certified combined driving range of 478 km on a single charge under South Korean standards, while the ES 500e features Lexus’ DIRECT4 all-wheel-drive system.

40 mins ago

41 mins ago

U.S. Government Completes Strategic Investment in Trilogy Metals, Supporting the Bornite Copper-Cobalt Project

According to Trilogy Metals on September 11, the U.S. government has completed its previously announced US$35.6 million strategic equity investment, giving it an approximately 10% stake in the company. The proceeds will be used to advance exploration and development of the Upper Kobuk Mineral Projects (UKMP) in Alaska. The portfolio includes the high-grade Arctic polymetallic project and the Bornite copper-cobalt project, both being advanced by Ambler Metals, a joint venture between Trilogy Metals and South32. Bornite hosts copper and cobalt resources and forms part of the U.S. strategy to strengthen domestic critical mineral supply chains. Trilogy Metals said the investment will provide additional funding support for exploration, engineering studies and permitting activities. As the U.S. continues to promote domestic critical mineral development, government backing for the Bornite copper-cobalt project could accelerate the development of non-DRC cobalt resources in North America and improve supply diversification for key battery metals.

41 mins ago

43 mins ago

Turkish Trader BGN Seeks to Expand DRC Cobalt Purchases, Exploring Long-Term Offtake Deals and Talks with EGC

According to Reuters on September 11, Turkish energy and commodities trader BGN is seeking to expand its cobalt procurement activities in the Democratic Republic of Congo as it builds out its newly established metals trading business. Sources said BGN has held preliminary talks with local mining companies over long-term offtake agreements, although the potential suppliers have not been disclosed. The company may also be in discussions with the DRC government to explore purchases from state-backed artisanal cobalt buyer Entreprise Générale du Cobalt (EGC). BGN has been expanding its metals business, with a focus on copper, aluminum, cobalt and nickel, and has metals trading teams in Geneva, Singapore and Shanghai. If the proposed offtake agreements and potential EGC purchases are finalized, they would add another international buyer to the DRC cobalt supply chain and could further diversify the country’s cobalt sales channels and customer base.

43 mins ago