India to launch first offshore mineral auction on November 28
COAL & MINING

India to launch first offshore mineral auction on November 28

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)

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)

Next Story
Technology

AirBrick Infra Sets Rs 1 billion Target, Expands to Dubai and Tier-II Cities

AirBrick Infra, one of India’s fastest-growing AI-led commercial interior design and build firms, has announced a sales order target of Rs 1 billion for FY 2025–26. The projection represents a 50 per cent growth over the previous fiscal year and reflects rising demand, increased repeat business, and the company's robust tech-first delivery model.  Now in its third year of operations, AirBrick continues its rapid scale-up, having successfully delivered over 70 projects spanning 3 lakh sq ft in FY 2023–24. FY 2024–25 witnessed the onboarding of several Fortune 500 clients, sett..

Next Story
Resources

Virtusa Foundation Powers Green Education Drive in Bengaluru

The Virtusa Foundation, CSR arm of digital engineering and technology leader Virtusa Corporation, has announced key infrastructure and mobility initiatives at the Ramakrishna Mission, Shivanahalli, Bengaluru. The launch marks the inauguration of a 16-room residential facility for lady teachers and the deployment of two solar-powered electric buses, underscoring Virtusa’s commitment to its core pillars of Education, Environment and Empowerment (3Es).  Located on the forest fringe near Bannerghatta National Park, the initiative supports tribal and underserved communities, complementi..

Next Story
Infrastructure Urban

Godrej Enterprises Drives India’s Smart Green Logistics Shift

As India accelerates its transformation into a global manufacturing and logistics hub, Godrej Enterprises Group (GEG) is taking the lead with its smart, sustainable intralogistics solutions. Through its Material Handling Equipment (MHE) and Storage Solutions businesses, GEG is redefining operational efficiency in modern warehouses and factories using IoT, automation, and AI. GEG has consistently maintained a 20–25 per cent market share in the intralogistics sector over the past three years. Today, over 37 per cent of GEG’s revenues come from its Good & Green portfolio, and its net..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?