The Indian Ministry of Mines has initiated the country’s first-ever auction of exploration licences in Goa, marking a significant step toward unlocking India’s untapped critical mineral resources.
This initiative aims to increase private sector involvement in exploring strategic minerals and enhance India’s mineral self-sufficiency.
The auction follows the enactment of the Mines and Minerals (Development and Regulation) (MMDR) Amendment Act, 2023, which introduced exploration licences for 29 critical and deep-seated minerals.
These include cobalt, copper, gold, lithium, platinum group elements (PGEs), rare earth elements (REEs), and silver, now listed in the Seventh Schedule of the Act.
To facilitate the process, the central government exercised its authority under Section 20A of the MMDR Act, issuing an order on October 21, 2024, to conduct the auction.
In the first phase, 13 exploration blocks will be auctioned through a transparent online bidding system, focusing on minerals such as REEs, zinc, diamond, copper, and PGEs.
This move is expected to accelerate exploration, attract private investment, and bolster India’s mineral security, particularly in critical minerals essential for the country’s energy transition and industrial growth.
Additionally, India is actively seeking agreements with mineral-rich nations, including the Democratic Republic of Congo (DRC), to secure a stable supply of critical minerals like cobalt and copper, according to Reuters.
This follows the DRC’s recent decision to halt cobalt exports in response to market oversupply and falling prices.
