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The government cancels the auction of 13 of the 20 crucial mineral blocks due to poor response

The government said on Friday it has canceled the auction for 13 of the 20 blocks put up for sale in the first tranche of critical minerals because the response was tepid.

“The e-auction process for 13 mineral blocks was canceled through a notice dated March 13, 2024, with no bids received for two blocks and there were less than three Technically Qualified Bidders (TQB) for 11 blocks,” the Ministry of Mines said in a rack.

Of the 20 blocks offered, 56 physical bids and 56 online bids were received for 18 blocks.

Of the eleven canceled blocks, seven mines have been registered for auction as part of the third round.

The second auction round of six blocks has been completed as scheduled.

The decision on kundol, nickel and chrome blocks in Gujurat will be taken by the designated officer in due course, the statement said.

Earlier this month, the government launched the third tranche of the auction of critical and strategic minerals.

The Center has so far launched an auction of 38 crucial and strategic minerals.

(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

First print: March 30, 2024 | 12:27 pm IST