Govt to launch first round of auction of minerals in offshore areas; 13 mines to be on sale

The authorities volition connected Thursday motorboat the archetypal circular of merchantability of mineral blocks successful offshore areas with 13 mines crossed the Arabian Sea and Andaman Sea acceptable to beryllium auctioned.

These mineral blocks dwell of a premix of operation sand, lime mud, and polymetallic nodules. These minerals are captious for infrastructure development, high-tech manufacturing and greenish vigor transition.

"The Ministry of Mines volition beryllium launching the first-ever tranche of auction of mineral blocks successful offshore areas of India connected 28th November 2024," an authoritative connection said.

The determination assumes value arsenic it volition pb to foray into the exploration and improvement of undersea mineral resources wrong its offshore area.

Offshore areas see territorial waters, continental shelf, exclusive economical zone, and different maritime zones of the country.

With the planetary displacement towards technologies reliant connected high-demand minerals, specified arsenic cobalt, nickel, uncommon world elements, and polymetallic nodules, India indispensable make divers mineral sources to trim dependence connected imports and stabilise its proviso chains, the mines ministry said.

Coal and Mines Minister G Kishan Reddy and Minister of State for ember and mines, Satish Chandra Dubey volition officially motorboat the ground-breaking initiative, it said.

In August past year, the Parliament amended the Offshore Areas Mineral (Development and Regulation) Act, 2002, mandating auction arsenic the mode of allocation of mineral blocks successful offshore areas.

This amendment allows the authorities to streamline the assistance of accumulation leases and composite licences for the exploration and extraction of these resources.

As the state steps into undersea mineral exploration, it aims to not lone bolster its concern and greenish vigor sectors but besides unafraid its presumption arsenic a planetary person successful captious minerals.