Government cancels auction of 11 important mineral blocks after cold response

The government has canceled the auction of 11 important mineral blocks in the fourth round due to a cold response from the companies. According to the notice of cancellation of the auction, no bid was received for four of the 11 blocks, while the remaining seven mines received less than three technically eligible bids.

Four blocks including tungsten and glauconite are located in Chhattisgarh and Arunachal Pradesh. The notice said that since no bids have been received, the auction process of four mineral blocks has been canceled.

Critical minerals such as cobalt, copper, lithium, nickel, and rare earths play an important role in the production of clean energy technologies ranging from wind turbines to electric vehicles. The notice further said that since less than three technically eligible bids have been received, the auction process of these seven mineral blocks has been canceled.

Due to a lack of a better response earlier also the government had to cancel the auction of important mineral blocks. According to information provided by the Ministry of Mines, 24 key and strategic mineral blocks had been sold in four rounds of auctions.

Meanwhile, it is learned that India's exports to Australia jumped 64.4 percent year-on-year to US$ 643.7 million in November amid a trade agreement between the country and Australia. According to available data from the Ministry of Commerce, India's exports to Australia moved up on the back of strong performance by sectors such as textiles, chemicals, and agricultural products.

Exports of goods to Australia declined 5.21 percent year-on-year at $5.56 billion in April-November of the current year. India and Australia have already implemented an interim trade agreement- Economic Cooperation and Trade Agreement (ECTA) from December 29, 2022. Now the two countries are in talks to broaden the scope of the agreement and make it a Comprehensive Economic Cooperation Agreement (CECA).