In a significant development in the mineral sector, the Indian government announced that a total of 76 mineral blocks have been auctioned in the year 2023. This count includes 30 mineral blocks that were specifically auctioned for mining leases, while the remaining 46 blocks were sold as composite licenses.
A mining lease is a type of agreement that grants the leaseholder the right to undertake mining operations. On the other hand, a composite license is a two-stage operating right, which allows for exploration followed by production operations.
The auctions held in 2023 are part of a larger initiative that has been ongoing since 2015. Over this period, a total of 335 mineral blocks have been auctioned. Of these, 46 blocks are currently operational, and 43 are in production. The year 2023 saw Madhya Pradesh and Rajasthan leading in the number of blocks auctioned, with 22 and 16 blocks respectively. In terms of mineral types, iron ore dominated the auctions in both 2022 and 2023, with the highest number of blocks auctioned for this mineral.
This move is indicative of the government’s ongoing efforts to boost the mineral sector, which plays a crucial role in the country’s economy. The auctioning of these blocks is expected to bring in significant investments and contribute to industrial growth.