India launches first part of auction of critical minerals for US$ 5.4 billion

India launched on Wednesday the first part of its auction of critical minerals worth an estimated 450 billion rupees ($400 million), the country’s mines minister said.

Pralhad Joshi said the auctions would be held in eight states, including Bihar, Chhattisgarh, Odisha, Tamil Nadu, besides Jammu and Kashmir, and would include minerals such as lithium, potash, vanadium, graphite and rare earth elements.

“I also take this opportunity to invite potential bidders from around the world to participate”Joshi said at the presentation.

The first tranche, which will end on February 20, includes 20 blocks and is part of a planned auction of 100 blocks.

The government has also launched 125 critical mineral exploration projects in the country, Mines Secretary VL Kantha Rao said at the launch event.

In June this year, the Indian government included 30 minerals, including nickel, titanium, vanadium and tungsten, on the list of critical minerals to boost clean energy. Previously, the federal administration had included 12 strategic minerals, including lithium, a fundamental raw material for car batteries. electric vehicles.

This year reserves of lithium in the federal region of Jammu and Kashmir. These reserves will be auctioned as part of the first tranche, Joshi said on Wednesday.

India will also announce the acquisition of lithium blocks in Australia and Argentina in one or two months, he said at the event.

India’s largest energy producer NTPC Ltd and state-owned miner Coal India are studying the acquisition of lithium assets in Australia, a government source separately told Reuters.

India is one of the world’s largest emitters of greenhouse gases and has been seeking overseas deals to secure key minerals in resource-rich countries such as Australia, Argentina and Chile.

India aims to be a net-zero emitter of greenhouse gases by 2070.