Auction of lithium reserves found in Jammu and Kashmir's Reasi will be started by December, said Secretary of Ministry of Mines Vivek Bharadwaj.
Speaking at an industry event on May 2, the secretary said the ministry has written to the Jammu and Kashmir administration for the transaction advisor for the lithium auction.
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"We have completed the consultation process with stakeholders on the amendment of the offshore Mining Act. Hopefully, we will soon bring it in the parliament for discussion," Mr. Bharadwaj said.
"We have been lucky to discover 5.9 million tonnes of Lithium. We were actually looking for limestones that are available in Jammu and Kashmir. We found limestone, bauxite, and lithium together. There has been renewed interest in exploration in these minerals," he said.
The Union Government in February this year said that 5.9 million tonnes of lithium reserves had been found for the first time in the country in Jammu and Kashmir.
Lithium is a non-ferrous metal and is one of the key components in EV batteries, among other industries.
"Geological Survey of India (GSI), an attached office of the Ministry of Mines, carried out a G3 stage mineral exploration project during Field Season 2020-21 and 2021-22 in Salal-Haimna areas of Reasi district, Jammu & Kashmir and estimated an inferred resource (G3) of 5.9 million tonnes of lithium ore and the report has been handed over to the Government of Union Territory of J&K," the Ministry of Mines earlier said.
Also Read |Why India’s lithium discovery is fraught with social and environmental risks
The Geological Survey of India proposes more exploration activities in Jammu and Kashmir for identifying lithium resources.
Importance of energy minerals
It is time for India to take a decisive step in rare earth minerals exploration, Mr. Bharadwaj said.
Speaking at the launch of the Federation of Indian Chambers of Commerce and Industry’s (FICCI) Report on “New Age Energy Minerals”, Mr. Bharadwaj expressed his enthusiasm for the potential of India’s energy mineral sector.
Mr. Bharadwaj highlighted the importance of energy minerals in the transition towards a net-zero future and cited the example of Ilmenite, a mineral abundant in India. Despite holding 11% of the world’s deposits, India imports a billion dollars worth of titanium dioxide yearly, which the secretary attributed to technological inefficiencies and litigations.
To unlock the sector’s potential, Mr. Bharadwaj emphasised the need to open the sector to private players, encourage domestic exploration, and adopt efficient technologies.
“I think the government, which is very decisive, very proactive, is in the process of amending the Offshore Areas Act that was put in the public domain for consultations. The consultations are now over, and it will be shortly debated by the Parliament,” said Mr. Bharadwaj.
In his speech, Mr. Bharadwaj also drew comparisons between India and other nations like the U.K., Canada, and China to illustrate the significance of critical minerals on the global stage. He mentioned that each country identifies its critical minerals based on its resource endowments, citing the U.K.’s 18 identified minerals and Canada’s 31. He highlighted the importance of developing India’s critical minerals sector, leveraging the country’s vast resources, and modernising policies to create a sustainable and competitive industry.
