The move is part of a government push to secure supply and boost the economy Rare Lithium metal ore in the form of rocks seen at the Indian Institute of Minerals Technology in September 2023 at Bhubaneshwar, India. © Pallava Bagla/Getty Images

India is set to hold its first-ever auction of deposit blocks containing critical and strategic minerals for exploration purposes, local media reported on Tuesday.

According to the Ministry of Mines, the first tranche of auctions will launch on Wednesday, when 20 ‘blocks’, or deposits with evidence of minerals such as lithium and graphite, will be up for bidding.

The open ascending price auction will be held online. The deposits are sp

The Indian government has been actively seeking means to secure a stable supply of lithium, which is essential for manufacturing electric vehicle batteries. In February, the first lithium deposits were discovered in the state of Jammu and Kashmir, with estimated reserves of 5.9 million tonnes. In July, the country introduced reforms designed to allow private mining companies to search for minerals. (RT)