New Delhi
India is set to begin it’s first-ever auction of mineral blocks in offshore areas, marking a significant step in the country’s exploration of undersea mineral resources. The Union Ministry of Mines will launch the auction on today, focusing on mineral blocks located in India’s Exclusive Economic Zone (EEZ) and other maritime zones.
India’s EEZ, which spans over 2 million square kilometers, is rich in valuable minerals like cobalt, nickel, rare earth elements (REE), and polymetallic nodules. These minerals are essential for industries such as high-tech manufacturing and green energy production. As the global demand for these minerals rises, India aims to reduce its reliance on imports and strengthen its domestic supply chains.
“The exploration of undersea minerals will not only support India’s industrial and green energy sectors but also help secure its position as a global leader in critical minerals,” said an official statement.
The launch follows the amendment of the Offshore Areas Mineral (Development and Regulation) Act, 2002, in August 2023, which now allows the auction of mineral blocks for exploration and extraction.
The first tranche includes 13 selected blocks in the Arabian Sea and the Andaman Sea, featuring minerals crucial for infrastructure and sustainable technologies. The auction will be officially launched by Union Minister of Coal and Mines G. Kishan Reddy and Union Minister of State for Coal and Mines Satish Chandra Dubey.
