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India began the second part of its critical minerals auction worth ₹30 trillion rupees (about $362 billion), Mines Minister Pralhad Joshi said on Thursday.
A total of 18 blocks of critical and strategic minerals, including graphite, tungsten, vanadium, cobalt and nickel, among others, will be auctioned in eight States, a government statement said.
Seventeen mineral blocks have been put up for a composite license, while one block is for a mining lease, it added.
A composite license includes a license to examine a block and mine it afterwards.
What is Critical Minerals
Critical minerals are metallic or non-metallic elements that hold two key characteristics:
Essential Function: They are essential for the functioning of modern technologies, economies, or national security.
This means they are crucial components in various products and industries critical for our current way of life.
Supply Chain Risk: Their supply chains are at risk of disruption.
Limited geographic distribution: These minerals might only be found in a few countries, potentially leading to dependence on those specific regions.
Geopolitical tensions: Political instability or conflicts in countries with critical mineral resources can disrupt supply chains.
Environmental concerns: Environmental regulations or concerns can restrict or slow down the mining and processing of these minerals.
Examples of Critical Minerals:
Rare earth elements (REEs)
Lithium
Cobalt
Graphite , Copper and aluminum
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