India’s Mines Ministry will launch the country’s first ever auction of exploration licences on Thursday, ahead of putting 13 blocks on sale to tap mineral resources like zinc, diamond and copper.
In the first phase, the exploration licence blocks will cover zinc, diamond and copper, through an online bidding process.
The auction will be launched in Goa.
With the enactment of the MMDR Amendment Act, 2023, exploration licences were introduced to allow private participation in reconnaissance and prospecting for 29 critical and deep-seated minerals, including lithium, copper, cobalt, gold and silver.
The idea behind these licences is to ensure increase private sector participation and speed up exploration work as a part of India’s push towards ensuring mineral security and self reliant.
The programme will also feature a roadshow on the fifth tranche of critical mineral blocks, the Ministry said in a statement.
