Stay updated with breaking news from Mining Rules. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The Mines Ministry aims to boost mining company participation by proposing caps on performance security and upfront amounts for critical mineral blocks. The move follows pre-bid consultations and aims to streamline the auction process for 20 strategic mineral blocks, including graphite and lithium.
The Mines Ministry aims to boost mining company participation by proposing caps on performance security and upfront amounts for critical mineral blocks. The move follows pre-bid consultations and aims to streamline the auction process for 20 strategic mineral blocks, including graphite and lithium.
One applicant can submit only a single bid in an auction of a mineral block, and none of its affiliates will be allowed to enter the same auction, according to the mines ministry’s draft auction rules for strategic and critical minerals.
Once approved, these changes in mining rules will allow companies to both explore a block and bid for it. "This will prompt large players to undertake exploration activity which so far has seen muted interest," said one of the officials, who did not wish to be identified.
Once approved, these changes in mining rules will allow companies to both explore a block and bid for it. "This will prompt large players to undertake exploration activity which so far has seen muted interest," said one of the officials, who did not wish to be identified.