India will host its first auction of offshore mineral blocks, an initiative of the Ministry of Mines. This step propels the nation into the realm of undersea resource exploration, tapping into the immense potential of its territorial waters, continental shelf, and expansive Exclusive Economic Zone (EEZ).
Spanning over 2 million square kilometres, India’s EEZ is a source of high-value minerals critical to industrial progress and the green energy revolution. Key resources include polymetallic nodules, cobalt, nickel, rare earth elements, and construction materials like lime mud and sand. This is reported by IANS, a partner of TV BRICS.
This auction is not only aimed at diversifying India’s mineral sources but also at reducing dependency on imports and reinforcing the resilience of its supply chains amid a global demand surge.
The initiative follows key amendments to the Offshore Areas Mineral (Development and Regulation) Act, 2002, introduced in August 2023. These legislative changes simplify the allocation of production leases and composite licences for mineral exploration and extraction, streamlining India’s foray into offshore resource development.
The Ministry of Mines sees this initiative as a transformative leap, aimed at integrating advanced technologies, encouraging private-sector collaboration, and establishing sustainable practices in resource utilisation.
TVBRICS
