The mines ministry has successfully bid out 100 mineral blocks in the current financial year and hopes to auction 15 more before the fiscal ends, officials aware of the plans said.

If achieved, this will surpass the previous highest auctioning of 105 mines achieved in 2022-23. According to official estimates, 95 mines were bid out during 2023-24.

"We expect to conduct bids for 115 mineral blocks in total by the end of fiscal 2024-25," one of the officials told ET.

While the auctions are being conducted at record pace, operationalisation of these mines lag since approvals from state governments are slow to come by, officials said.

According to official estimates, out of more than 440 mines auctioned by the Centre since the Mines and Minerals (Development and Regulation) Act was amended in 2015, only 56 are operational. Of these, only 18 mines are greenfield projects.

"It has been decided to aim for operationalising at least 10% auctioned mines annually," a second official said. A periodic review mechanism is being readied to push for the same, the person added.

States where mining activities take place will be divided into two or three categories considering their challenges, work done, and interventions required, and a committee comprising the cabinet secretary and officials from the prime minister's office and the mines ministry will convene monthly meetings with states in each of these categories to address their challenges, officials explained.

Mine auctions have also unlocked much value for states with total revenue from mining proceeds reaching ₹2.45 lakh crore between 2015-16 and 2023-24.