KOLKATA, Sept 16: Coal India Ltd (CIL) on Tuesday said it has been declared the preferred bidder for the Ontillu-Chandragiri Rare Earth Element (REE) exploration block by the Ministry of Mines, marking a key step in the Maharatna company’s diversification into critical minerals.
The block in Andhra Pradesh, spread over 209.62 sq km, was awarded pursuant to a tender issued by the Ministry on March 30, the company said in a filing to the stock exchanges.
The exploration licence deed is to be executed within one year of issuance of the Letter of Intent by the state government.
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CIL had earlier secured a significant graphite and vanadium block in the fifth round of critical mineral auctions held in May.
“These initiatives mark CIL’s entry into the exploration of rare earth and critical minerals, which are vital for clean energy technologies and advanced manufacturing,” a senior company official said.
Coal India, primarily the world’s largest coal producer, has been seeking to diversify beyond fossil fuels in line with India’s strategy to build self-reliance in critical and rare earth elements needed for electric mobility, renewable energy and defence applications. (PTI)
