New Delhi [India], September 30 (ANI): The Ministry of Mines will launch the auction of offshore mineral blocks on Thursday (October 1), marking an important step towards unlocking India’s offshore mineral potential and strengthening the country’s long-term mineral resource security.
As per the Ministry of Mines, "Offshore mineral resources are important in the context of technological advancement, clean energy transition and resilient supply chains. Minerals such as cobalt, nickel, manganese, copper and rare earth elements are important inputs for electric mobility, renewable energy systems, advanced electronics and strategic industries."
"Development of domestic offshore mineral resources can therefore contribute to India’s objectives of self-reliance, resource security and sustainable economic growth," the Ministry added
Ministry further added that the auction is being conducted under the provisions of the Offshore Areas Mineral (Development and Regulation) Act, 2002 and the Offshore Areas Mineral (Auction) Rules, 2024, as amended from time to time. Following amendments to the OAMDR Act in 2023, the Ministry of Mines has been empowered to auction offshore mineral blocks, enabling transparent and competitive allocation of offshore mineral resources.
"The auction comprises two offshore mineral blocks in the Andaman Sea region, which will be offered for grant of Composite Licence. It is expected to encourage systematic exploration, attract investment and promote the adoption of advanced technologies for offshore mineral exploration and development." Ministry added
The initiative reflects the Government’s commitment to expanding India’s mineral resource base through systematic exploration and responsible development of offshore resources.
It is also expected to facilitate greater private sector participation and technological innovation in an emerging area with significant potential for meeting future industrial and strategic requirements.
The launch of the auction marks another step towards harnessing India’s offshore mineral wealth and strengthening the country’s mineral security for emerging technologies, industrial development and long-term economic growth. (ANI)
Ministry of Mines to launch auction of offshore mineral blocks in Andaman Sea
