New Delhi: The government will put on sale around 20 critical mineral blocks in the fourth round of auctions by the end of June, following the general elections.
Mines secretary V. L. Kantha Rao said on Monday that the auction of critical mineral blocks is gaining momentum. The process for seven blocks put on sale in the first round is almost complete and the result would be declared in a month’s time.
Critical minerals such as copper, lithium, nickel, cobalt and rare earth elements are essential components in many rapidly growing clean energy technologies—from wind turbines and electricity networks to electric vehicles. Demand for these minerals is growing quickly with clean energy transitions gathering pace.
Speaking at an event on critical minerals, the mines secretary said 38 critical mineral blocks have already been auctioned and over 100 more are on the table for future auctions.
He invited the industry to study these blocks and bid for them.
Sticking to plan
Asked about the fate of the government’s shareholding in Vedanta Group firm Hindustan Zinc, Rao reiterated government plans to offload its minority 29.54% stake through an offer for sale (OFS) but said this would happen only after testing the market.
“We are committed to OFS,” Rao said on the sidelines of the event adding that the market was not yet ready and that the exercise would be done after gauging investor interest through roadshows.
“Demerger, anyway, we have not agreed,” the mines secretary said.
Hindustan Zinc had said that it will continue to engage with the Centre on its proposal to split the company into different entities, Rao added.
The company had said it is still in talks with the mines ministry on the proposal and is trying to address some issues.
The Vedanta group firm had announced plans to spin off its businesses into separate entities, including zinc and silver, to increase its market capitalization.
Rao said, “Whatever report we have in front of us we are not convinced as a shareholder.”
The mines secretary said that government will also start the auction of offshore mines in another three months’ time.
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Published: 29 Apr 2024, 09:19 PM IST