Business News | Mines Ministry to Launch India's First-ever Auction of Minerals in Offshore Areas
Get latest articles and stories on Business at LatestLY. Mines ministry will launch the first-ever tranche of the auction of mineral blocks in India's offshore areas on Thursday.
New Delhi [India], November 27 (ANI): The Ministry of Mines is set to launch the first-ever tranche of mineral block auctions in India's offshore areas on Thursday, according to the official press release.
This landmark initiative signals India's entry into the exploration and development of undersea mineral resources within its offshore territories. These areas include the country's territorial waters, continental shelf, exclusive economic zone (EEZ), and other maritime zones.
India's Exclusive Economic Zone (EEZ), spanning over 2 million square kilometres, is believed to hold significant mineral reserves.
"Offshore minerals are vital to securing India's strategic and economic interests," the Ministry of Mines stated.
"With the rapid global shift towards technologies dependent on high-demand minerals, such as cobalt, nickel, rare earth elements (REE), and polymetallic nodules, India must diversify its mineral sources to reduce import dependency and stabilise supply chains."
In August 2023, the Parliament amended the Offshore Areas Mineral (Development and Regulation) Act, 2002, making auctions the mandatory mode for allocating mineral blocks in offshore areas. This amendment enables the government to streamline the granting of production leases and composite licences for resource exploration and extraction.
The first tranche features 13 carefully selected mineral blocks across the Arabian Sea and the Andaman Sea. These include deposits of construction sand, lime mud, and polymetallic nodules--minerals essential for infrastructure development, high-tech manufacturing, and the green energy transition.
Union Minister of Coal and Mines G Kishan Reddy, along with Union Minister of State for Coal and Mines Satish Chandra Dubey, will officially launch this pioneering initiative. (ANI)
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