Coal news and updates

500 non-coal mineral blocks to go under the hammer by FY26

In 2023, the government auctioned 24 iron ore mineral and 20 blocks of limestone.

The ministry of mines has set a new target to put 500 blocks of minerals on auction by 2025-26 which will include rare earth elements (REEs) and precious metals, a goal that was earlier envisaged to be achieved by 2024-end.

“The target was to put 500 blocks on auction (by 2024), but due to Covid it cannot be done,” Union Minister for Coal and Mines Pralhad Joshi said while addressing reporters adding that the government will now strive to reach the target by 2025-26.

The government began auctioning mineral blocks in the year 2015-16.

“As many as 35 offshore mineral blocks have been given to states,” Joshi said urging states to expedite the auction of the blocks. Furthermore, in its recent meeting with the mining ministers of states, the centre handed over 37 G4 geological memorandum to the states.

The government has also successfully auctioned 76 mineral blocks last year till December, 30 of which were auctioned for Mining Lease and the remaining 46 auctioned as Composite Licence – with which an entity can explore the resource and get a lease to commercially extract minerals.

In 2023, the government auctioned 24 iron ore mineral and 20 blocks of limestone.

Of the 37 G4 geological memorandum handed over to states, 5 belongs to critical minerals, the minister said.

The government had last year launched the first ever auction of critical and strategic minerals for 20 such blocks including 5.9-million-tonne lithium reserves discovered in Reasi district of Jammu & Kashmir in an attempt to boost exploration of indigenous mineral reserves and further reduce their import dependency.

Earlier, the mines ministry has also said that it will put up over 100 critical mineral blocks on auction before February and 15 offshore blocks in March.