SRINAGAR: J&K government has announced its decision to reinitiate the auction of lithium reserves in Jammu and Kashmir. A government source, privy to the matter, disclosed on Friday that this move comes after the initial round of bidding garnered only two contenders.
The scarcity of enthusiastic bidders prompted authorities to recalibrate their approach, ensuring a more inclusive and competitive process. “A total of seven critical mineral blocks are being put up for auction as a composite license in this third Tranche,” affirmed the government in a statement earlier this month.
The decision to revisit the auction underscores the significance of lithium, a coveted mineral crucial for the burgeoning electric vehicle (EV) industry and renewable energy sector. As nations globally pivot towards sustainable energy solutions, the demand for lithium-ion batteries has surged, propelling lithium into the spotlight as a coveted commodity.
With the auction poised to reignite interest and stimulate competition, stakeholders are gearing up to navigate the intricate landscape of mineral acquisition. The last day for the submission of bids has been set for May 14, marking a pivotal deadline for prospective investors and mining conglomerates vying for a stake in the lithium-rich region.
