Government cancels auction of 11 critical mineral blocks

The government has annulled the auction of 11 critical mineral blocks in the fourth round due to a weak response from bidders. 

Four blocks, including tungsten and glauconite located in Chhattisgarh and Arunachal Pradesh, attracted no bids, while the remaining seven received fewer than three technically qualified bidders, leading to the cancellation of the auction process for all blocks.

This follows a pattern seen in previous rounds, where several critical mineral blocks were also scrapped due to low interest. 

The government is preparing to launch a Critical Mineral Mission next year, aimed at securing essential resources for green energy technologies like electric vehicles and wind turbines. The initiative will focus on acquiring overseas assets, especially lithium and cobalt from Australia while boosting domestic mining efforts.

The global competition for critical minerals is intensifying, with demand expected to rise significantly in the coming decades. The World Bank forecasts a 500% increase in mineral production by 2050, while the International Energy Agency predicts a 30-fold rise in the demand for minerals such as lithium and cobalt by 2040.