May 28, 2024 10:33 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Bibhav Kumar's bail, if granted, will be a death threat for me and my family: Swati Maliwal to Delhi HC | Now we don't trust Gujarat govt: High Court raps State and local body over Rajkot gaming zone fire incident | Delhi CM Arvind Kejriwal requests Supreme Court to extend his interim relief by 7 days in liquor policy case | Cyclone Remal leaves trail of destruction in West Bengal, claims 2 lives, downpour continues | 'Man-made disaster': Gujarat High Court takes suo motu cognizance of Rajkot gaming zone fire that killed 27 people
Shree Cement plans to participate in the Centre's lithium mine auction: Report
Lithium Mining
Photo courtesy: wikipedia.org

Shree Cement plans to participate in the Centre's lithium mine auction: Report

| @indiablooms | 07 Dec 2023, 12:39 am

New Delhi: Shree Cement plans to participate in the bidding process for lithium mining rights, Reuters reported.

On November 14, Mines Secretary V.L. Kantha Rao said that the Ministry of Mines is in the process of auctioning 20 blocks of critical minerals including lithium and graphite in the next two weeks.

Recently the government has identified a list of critical minerals including new-age minerals like Lithium, Cobalt, and Titanium, important for meeting the modern needs of cutting-edge technology sectors like electronics, telecom, transport and defence.

This is part of the government's initiative to ensure the production of crucial minerals via auctions that are anticipated to generate over $5 billion.

Reuters reported citing a source that the company plans to seek rights for lithium mining blocks in Jammu and Kashmir, where approximately 5.9 million tonnes of deposits were discovered in February.

Shree Cement, ranked as India's second-largest cement company by market capitalization, is also eyeing blocks in Chhattisgarh, located in the eastern part of the country.

The source told Reuters that this foray into mining would mark Shree Cement's initial venture in this sector.

The company has engaged with mining experts based in Australia to determine details such as the appropriate premium for its bid.

The company is also seeking expert guidance on the quality and grades of lithium reserves in Jammu and Kashmir.

Should Shree Cement successfully secure a lithium block in the region, it plans to collaborate with an Australian company for technical support in establishing a refinery, estimating a cost of approximately $600-700 million, the source told Reuters.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.