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4th Tranche Auction for Critical and Strategic Minerals
Context:
Union Minister of Coal and Mines along with Minister of State for Coal and Mines, inaugurated the 4th tranche of the auction for critical and strategic minerals.
More on news:
- 21 blocks of critical minerals were auctioned.
- 11 new blocks Contain Graphite, Glauconite, Phosphorite, Potash, Nickel, PGE, Phosphate, and REE.
- 10 additional blocks contain Tungsten, Vanadium, Graphite, Glauconite, Cobalt, and Nickel.
- Sanction letters for grants handed to 24 R&D institutes and 10 start-ups, totaling ₹12.37 Cr. and ₹11.26 Cr.
- New scheme announced for partial reimbursement of exploration expenses.
- Covers up to 50% of costs, with a limit of ₹20 Cr.
What are Critical and Strategic Minerals:
- Those minerals that are essential for economic development and national security.
- Called the ‘new oil’ due to their crucial role in clean energy technologies.
- Used in solar modules, wind turbines, transmission networks, and batteries, telecommunications, transport, defence, and renewable energy technologies needed for ‘Net Zero’ commitments.
- Demand for critical minerals is expected to quadruple by 2040 (International Energy Agency).
- Scarcity or geographic concentration can cause supply chain vulnerabilities and disruptions due to concentration of reserves and processing in few countries.
- Particularly concerning developing economies like India, affecting economic growth and clean energy transition.
Critical and Strategic Minerals for India.
- A Seven-member Committee identified 30 critical minerals.
- These are: Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium, Graphite, Hafnium, Indium, Lithium, Molybdenum, Niobium, Nickel, PGE, Phosphorus etc.
- The Ministry of Mines identified 24 critical and strategic minerals for India.
- Central government will now auction critical and strategic minerals, with revenue going to state governments.
- Six minerals, including lithium, delisted from the atomic minerals list to allow private sector entry.
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