India to Auction Offshore Mineral Blocks in 2-3 Months

19 Nov 2024 CW Team

The Indian government is set to commence the auction of offshore mineral blocks within the next two to three months, with around 10 mines included in the first phase, according to Coal and Mines Minister G. Kishan Reddy. The initiative follows amendments to the Offshore Areas Mineral (Development and Regulation) Act, 2002, introducing an auction mechanism for awarding production leases for offshore minerals.

These minerals, located deep within the earth's crust, include gold, diamonds, copper, nickel, cobalt, manganese, and rare earth elements. The auctions aim to boost the availability of critical minerals in India, reducing reliance on imports and supporting domestic industries.

Progress on Lithium Exploration Highlighting advancements in lithium exploration, Reddy stated that three stages of exploration of lithium blocks in Jammu and Kashmir have been completed, with the fourth stage underway. In 2023, India identified 5.9 million tonnes of lithium reserves in Jammu and Kashmir, marking a significant milestone for the nation’s energy transition efforts.

Lithium, a crucial component of lithium-ion batteries, is vital for electric vehicles and battery storage systems. While an earlier auction of lithium mines in Jammu and Kashmir was scrapped due to limited bidder interest, the government remains committed to developing this resource.

Global Efforts in Lithium Exploration In addition to domestic exploration, India has undertaken lithium exploration in Argentina, where five blocks are under examination. "Once exploration concludes, production will begin," Reddy assured.

The upcoming offshore auctions and lithium exploration efforts underscore India's focus on securing critical minerals to fuel its energy transition and bolster industrial self-reliance.

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