India to auction newly found lithium reserve

India's northern federal territory of Jammu and Kashmir will auction a lithium block discovered last month, the country's mines minister said in parliament on Monday.

"The exploitation of lithium will depend upon successful auction of the mineral block," minister Pralhad Joshi said, adding the timeline for an auction would be decided by Jammu and Kashmir authorities.

The block, with estimated reserves of 5.9 million tonnes, is the first known lithium reserve in the country.