The Indian government is set to hold another auction for lithium reserves in Jammu and Kashmir, reported news agency Reuters.
The decision comes after the initial auctions saw only two bids being submitted, according to the source mentioned in the report.
“A total of seven critical mineral blocks are being put up for auction as composite license in this third Tranche,” the government had said earlier this month in a statement.
Bidders have until May 14 to submit their proposals, as per the official statement.
The Ministry of Mines has announced that seven important mineral blocks are now available for auction as a combined licence in the third tranche.
“These 7 mineral blocks are auctioned under second attempt of auction as per sub-rule 10 and sub-rule 11(b) of rule 9 of Mineral (Auction) Rules 2015. The notice inviting tender (NIT) has been published on MSTC e-auction portal and on the Ministry of Mines website. The blocks which are notified under this tranche are those blocks which have received less than three bids in first tranche,” said the statement, released earlier this month.
These blocks include minerals like Glauconite, Graphite, Nickel, PGE, Potash, Lithium, and Titanium, spread across Bihar, Jharkhand, Tamil Nadu, Uttar Pradesh, and the Union Territory of Jammu and Kashmir.
The Geological Survey of India (GSI) discovered lithium reserves in Jammu and Kashmir last year. They found about 5.9 million tonnes of inferred lithium resources in the Salal-Haimana area of Reasi district in the union territory.
Lithium has become important nowadays because it’s a vital part of making batteries for electric vehicles (EVs). This is particularly crucial given the government’s focus on promoting EVs.
Lithium-ion batteries are used in various technologies like wind turbines, solar panels, and electric vehicles. According to a study by the World Bank, the demand for essential metals like lithium is expected to increase by almost 500% by 2050. (Agencies)
