INDIA

Government reopens auction for Jammu Kashmir Lithium reserves

By News Desk

March 22, 2024

The government of India has announced its decision to restart the auction of lithium reserves located in Jammu Kashmir.

Following an initial round that attracted only two bidders, a government source revealed on Friday that this move aims to address the scarcity of enthusiastic participants.

In a statement earlier this month, the government confirmed that a total of seven critical mineral blocks would be offered for auction as a composite license in this third Tranche.

This decision highlights the importance of lithium, a highly sought-after mineral crucial for the growing electric vehicle (EV) industry and renewable energy sector.

With nations globally transitioning to sustainable energy solutions, the demand for lithium-ion batteries has surged, placing lithium in the spotlight as a prized commodity.

As the auction prepares to reignite interest and foster competition, stakeholders are preparing to navigate the complex landscape of mineral acquisition.

The deadline for bid submissions has been set for May 14, representing a significant milestone for potential investors and mining conglomerates seeking a share in the lithium-rich region.