Setback for Government as J&K Lithium Block Fails Again to Secure Bids in 2nd Attempt
Image Credits: Defence News
In a setback for the government, Jammu and Kashmir did not receive any bids in a second attempt to auction the mining rights for lithium reserves last year, as reported by Business Standard. The Geological Survey of India (GSI) found lithium reserves in J&K for the first time last year. It found lithium inferred resources (G3) of 5.9 million tonnes in the Salal-Haimana area of the Reasi district in the union territory. In today’s time, lithium is a crucial element for making batteries used in EVs. The shortage of petroleum has increased the demand for EVs, which has led to an increase in the demand for lithium-made batteries.
Lithium-ion batteries are used in wind turbines, solar panels, and electric vehicles. As per a World Bank study, the demand for critical metals such as lithium is expected to rise by nearly 500 percent by 2050.
The demand for lithium batteries is increasing day by day. According to the data, Chile, Australia, Argentina, and China have some of the largest lithium reserves in the world, but China provides 79% of the world’s lithium batteries. Close to two-thirds of the globe’s lithium-ion batteries are made in China, and it controls most of the world’s lithium-processing plants.
The Indian government hopes to develop its newly found lithium reserves in order to reduce its lithium imports and build out its domestic zero-emissions technology industry. The first step involves changes to mining laws that will allow private firms to mine lithium in India. “To leverage the deposits, the government has eased the mining process by allowing the auction of lithium mines, but no bidding in the second attempt has halted the process of mining lithium in Jammu and Kashmir.”
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