FI Impact: Fresh process of e-auction to start soon for rare earth elements

Jaipur: Following the instructions of the Union Mines Ministry, the auction process for exploration licenses of 3 blocks of rare earth elements and potash in the state has been cancelled. After the news was broadcast on First India News and published in First India, the Mines Dept also issued a clarification on Monday. Now, active participation of the private sector will also be increased to speed up the exploration work of strategic and critical minerals. Necessary provisions in this regard are likely to be made soon by the Ministry of Mines, Govt of India. Keeping this in mind, after the new provisions, a fresh e-auction process will be started for exploration licenses of two REE and one potash block of state.

On March 6, in just 5 days of preparation, the Mines Dept had issued a request for exploration license for two blocks of rare earth elements and one block of potash. Rejecting this, the Union Mines Ministry has directed the State Mines Dept to cancel the process and restart auction process after new provisions to be issued soon by the Centre. With this, government as well as private sector players will come forward in the exploration work of such minerals and work will speed up.