The first round of sale of mineral blocks in offshore areas is going to start from November 28, 2024. 13 mines will be sold through this auction being conducted by the government. This auction will be of mines present in the Arabian Sea and Andaman Sea. These mineral blocks consist of a mixture of construction sand, lime clay and polymetallic nodules. According to PTI news, these minerals are important for infrastructure development, high-tech manufacturing and green energy transition.
Undersea exploration and development will accelerate
According to the news, an official statement said that the Ministry of Mines will start the first round of auction of mineral blocks in India’s offshore areas on 28 November 2024. The move is significant as it will accelerate exploration and development of subsea mineral resources within the offshore area. Offshore areas include territorial waters, continental shelf, exclusive economic zone and other maritime areas of the country.
The Mines Ministry said with the global shift towards technologies dependent on high-demand minerals such as cobalt, nickel, rare earth elements and polymetallic nodules, India needs to look at diverse mineral sources to reduce import dependence and stabilize its supply chain. Must develop.
Amendment made to the rules
Coal and Mines Minister G Kishan Reddy and Minister of State for Coal and Mines Satish Chandra Dubey will officially launch the auction. In August last year, Parliament amended the Offshore Minerals (Development and Regulation) Act, 2002, mandating auctions as the mode of allocation of mineral blocks in offshore areas. This amendment allows the government to streamline the grant of production leases and composite licenses for exploration and extraction of these resources.
As the country moves into undersea mineral exploration, it aims to not only strengthen its industrial and green energy sectors but also secure its position as a global leader in critical minerals.
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