The government has initiated a plan to auction newly discovered lithium and other rare earth minerals later this year, with the mines ministry proposing an amendment to mineral concession rules 2016 to determine the methodology for fixing the value of the estimated resources. The mines ministry has put draft amendment rules (to determine the methodology for ASP and VER for stakeholder consultation. The amendment would be finalized by July so that states and Union territories auctioning REE and Lithium mines adopt it to determine the reserve price and bid premium. The government is moving quickly to complete the regulatory exercise for the mining of new minerals as it intends to get the mines operational over the next 2-3 years to support the growth of the electric vehicle (EV) industry.
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