The Jammu and Kashmir Administration has put in motion the process of auctioning lithium mines and is likely to hire SBI Capital Markets Ltd as an advisor to the process by early next week.
According to a report in News Agency, “We should be hiring SBI Caps as the transaction advisor within the next few days. The commercial auction of the rare earth minerals is a priority, as we would like to start mining as early as possible,” said a senior officer in the J&K administration, seeking anonymity.
Why the discovery of lithium deposits is a big deal for India?
India has for the first time found reserves of lithium.
Approximately 5.9 million tonnes of lithium reserves were discovered in Jammu and Kashmir’s Reasi district, according to the Ministry of Mines.
“Geological Survey of India for the first time established Lithium inferred resources (G3) of 5.9 million tonnes in the Salal-Haimana area of the Reasi district of Jammu and Kashmir,” the Ministry of Mines said.
It added that 51 mineral blocks including lithium and gold were handed over to respective state governments.
“Of these 51 mineral blocks, five blocks pertain to gold and other blocks pertain to commodities like potash, molybdenum, base metals etc. spread across 11 states of Jammu and Kashmir (UT), Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu, and Telangana,” the ministry added.