India to launch first offshore mineral auction on November 28

02 Dec 2024 CW Team

Marking a significant milestone in undersea resource exploration, the Ministry of Mines is set to launch India’s inaugural auction of offshore mineral blocks on November 28. This first tranche comprises 13 blocks located in the Arabian Sea and Andaman Sea, opening the path for offshore mineral exploration and development in the country.

India's Exclusive Economic Zone (EEZ), covering over 2 million square kilometers, is believed to contain vast reserves of critical minerals, including cobalt, nickel, rare earth elements (REE), and polymetallic nodules. These materials are essential for high-tech manufacturing, green energy initiatives, and infrastructure projects.

The auction follows amendments made in August 2023 to the Offshore Areas Mineral (Development and Regulation) Act, 2002, introducing a transparent auction-based allocation system. This revised framework facilitates the granting of production leases and composite licenses for exploration and mining activities.

Union Minister of Coal and Mines G. Kishan Reddy, alongside Union Minister of State for Coal and Mines Satish Chandra Dubey, will inaugurate the initiative.

The first tranche includes a mix of resources such as construction sand, limemud, and polymetallic nodules. The auction aims to attract private sector participation, foster the adoption of advanced technologies, and bolster India’s strategic objectives of reducing mineral import dependency.

The Ministry of Mines emphasized that the initiative holds the potential to unlock significant economic and strategic benefits, aligning with the government's goals of stabilizing supply chains, supporting industrial growth, and advancing green energy sectors.

(ET)

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