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No bids for Jammu Kashmir lithium block in second auction attempt: Report
Photo courtesy: wikipedia.org

No bids for Jammu Kashmir lithium block in second auction attempt: Report

| @indiablooms | 04 Jul 2024, 12:04 am

New Delhi: India's Jammu and Kashmir received no bids in a second attempt to auction mining rights for lithium reserves discovered last year, Reuters reported citing a source with direct knowledge of the matter.

The government identified its first lithium deposits in Jammu and Kashmir in February 2023, with estimated reserves of 5.9 million metric tons.

After failing to secure the required minimum of three bids in its first auction in November, the block was re-auctioned in March with a May 14 deadline for bids.

The source, who requested anonymity due to lack of authorization to speak to the media, indicated that the block would likely be assigned to a government agency for further exploration after no bids were received.

India's Ministry of Mines did not immediately respond to a Reuters request for comment.

With the rising focus on lithium for electric vehicle batteries, India has been aiming to secure lithium assets both domestically and abroad.

However, analysts have raised concerns about the composition of the lithium deposit in Jammu and Kashmir.

In June last year, the Indian government listed 30 minerals, including lithium, nickel, titanium, vanadium, and tungsten, as critical to its pursuit of cleaner energy.

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