India to Auction Offshore Mineral Blocks in 2-3 Months
ECONOMY & POLICY

India to Auction Offshore Mineral Blocks in 2-3 Months

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.

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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code