India in talks with African, Latin American Countries to get critical mineral blocks on G2G basis
- In Reports
- 08:49 PM, Jul 02, 2024
- Myind Staff
India is actively engaging in discussions with countries across Africa and Latin America to secure critical mineral blocks through government-to-government arrangements. Veena Kumari Dermal, the Joint Secretary of the Ministry of Mines, highlighted this initiative on 2nd July.
These critical minerals, such as lithium, play pivotal roles in various rapidly expanding clean energy technologies. They are integral components in applications like wind turbines, electric grids, and electric vehicles, reflecting their crucial importance in advancing sustainable energy solutions globally.
Veena Kumari Dermal, Joint Secretary of the Ministry of Mines, discussed India's efforts to secure critical mineral blocks through government-to-government (G2G) arrangements with resource-rich countries in Africa and Latin America. She made these remarks at the India Energy Storage Week 2024 organised by the India Energy Storage Alliance (IESA).
Dermal emphasised that the Ministry of Mines is increasingly prioritising the exploration of critical minerals within India. On the domestic front, she noted the successful auctioning of a lithium block in Chhattisgarh. According to her, the Chhattisgarh government is now preparing to commence exploration and production activities in the lithium block at the earliest opportunity.
Maiki South Mining Pvt Ltd recently secured India's inaugural lithium block in Chhattisgarh through a successful auction conducted last month. However, the government has decided to cancel the auction of 14 other critical minerals that were planned for the second round of auctions.
In June, the Indian government initiated the sale of 21 blocks in the fourth round of auctions for critical and strategic minerals. During the first tranche of the auction, which commenced on November 29, 2023, the Indian government received a total of 56 physical bids and 56 online bids for 18 out of the 20 blocks that were offered.
Following a lukewarm response, the auction for 13 out of the 20 blocks initially offered was cancelled. Subsequently, seven of these cancelled blocks were re-notified for auction in the third round.
Image Source: Economic Times
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