Ministry of Mines' issue notice for blocks auction under tranche 1

Auction of critical mines: In a bid to effectively manage India's mineral resources, the Ministry of Mines recently conducted an e-auction for 20 blocks of Critical & Strategic Minerals. This initiative, initiated under Tranche I of the e-auction by the Central Government, marks a crucial step in optimizing the utilization of these valuable assets.

“A total of 56 physical bids and 56 online bids were received for 18 blocks out of 20 blocks. Further, the e-auction process for 13 mineral blocks was annulled vide notification dated 13 March 2024, wherein no bids were received for 2 blocks and less than 3 Technically Qualified Bidders (TQB) were there for 11 blocks,” the government release stated. 

After announcing the auction on 29 November 2023, the Ministry organized informative roadshows in New Delhi and Bhubaneshwar, along with a Pre-bid conference, to engage industry players. The response was notably positive, with keen interest shown by stakeholders.

However, despite the enthusiasm, the process hit some roadblocks. Out of the 20 blocks up for grabs, bids were received for only 18. Consequently, 13 blocks saw their e-auction annulled due to various reasons, including a lack of bids for some blocks and insufficient participation for others.

Undeterred by the setbacks, the Ministry swiftly moved to address the situation. The second round of e-auction for six blocks was completed, while plans were set in motion for the inclusion of the annulled blocks in Tranche III of the auction.

Looking ahead, the Ministry's focus remains on transparency and efficiency. With the sale of Tender Documents for Tranche III ongoing until 16 May 2024 and for Tranche II until 10 May 2024, the stage is set for further participation from interested parties.

Amidst these developments, the fate of the Kundol Nickel and Chromium Block in Gujarat hangs in the balance, pending a decision by the Designated Officer.