Vedanta has been declared as 'Preferred Bidder' for the Depo Vanadium and Graphite Block (on highest Final Price Offer of 2.55%) and Sanyasikoppa Cobalt, Manganese and Iron Block (on highest Final Price Offer of 45.00%).

Earlier, the Ministry of Mines, Government of India vide its ‘Notice Inviting Tender' dated June 24, 2024 for Tranche IV of Critical Mineral Block auctions, had invited tenders to participate in e-auction for grant of Composite Licenses in respect of Depo Vanadium and Graphite Block in the State of Arunachal Pradesh and Sanyasikoppa Cobalt, Manganese and Iron Block in the State of Karnataka. The Company had participated in the live e-auction for grant of the stated Composite Licenses.

As per the tender document, the Depo Vanadium and Graphite Block is at G3 level of exploration with total area of 104.65 hectares for the block, and Sanyasikoppa Cobalt, Manganese and Iron Block is at G4 level of exploration with total area of 1055.64 hectares for the block.

The grant of Composite Licenses by the Government of India in respect of aforesaid mines shall be subject to making of necessary payment of Performance Bank Guarantee, completion of other terms and conditions of the Tender Document, obtaining of necessary approvals/ permissions/ clearances from various Government Departments / Agencies and execution of necessary agreements/deeds in the matter.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.