The Union Cabinet has reportedly approved royalty rates for critical minerals in India. The decision comes as the government prepares to auction critical mineral mines, including those containing nickel, lithium, cobalt, platinum, and rare earths. The move is aimed at attracting investment and development in the mining sector. India s mineral royalty rates are currently among the highest in the world, which has impacted the competitiveness of the sector. The auction for lithium reserves in Jammu and Kashmir is expected to take place soon, with overseas miners expressing interest.
In August, there were reports of India getting prepared to start the auction process for some 100 critical mineral blocks. According to a Bloomberg report, Bharadwaj had revealed that the blocks that are being prepared for auction includes nickel, lithium, cobalt and platinum, along with rare earths.
India to Start Critical Mineral Blocks Auction Process This Year bloomberg.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloomberg.com Daily Mail and Mail on Sunday newspapers.
India is preparing to start the auction process for some 100 critical mineral blocks in the next four months, as part of plans to secure domestic supplies of the raw materials needed to fuel the green energy transition. The blocks are for minerals including nickel, lithium, cobalt and platinum, along with rare earths, Mines Secretary Vivek Bharadwaj said in an interview in New Delhi.
India Business News: India is planning to auction around 100 critical mineral blocks within the next four months in order to secure domestic supplies for the green energy