Centre Reports Successful Auction of 88 Mineral Blocks This Fiscal Year
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New Delhi, Dec 27 (NationPress) The government reported on Friday that 88 mineral blocks have been auctioned successfully in the ongoing financial year (as of December 10).
In this period, the central government completed the successful auction of 24 critical mineral blocks across four tranches.
The National Mineral Exploration Trust (NMET) has endorsed 120 mineral exploration and procurement projects with a total approved budget of Rs 609.54 crore.
The Ministry of Mines disclosed that an amendment to the Second Schedule of the MMDR Act, 1957 was made to optimize the royalty rate for 12 critical and strategic minerals.
Recently, the ministry hosted a webinar to highlight 13 mineral blocks located in offshore regions of India that are being offered for e-auction as part of a groundbreaking initiative to explore the extensive undersea mineral resources within the country’s Exclusive Economic Zone (EEZ).
The 13 offshore mineral blocks available for auction include 3 Construction Sand blocks near the Kerala coast and 3 Limemud blocks off the Gujarat coast. Additionally, 7 Polymetallic and Nodules and Crusts blocks near the Great Nicobar Islands are included in the first tranche.
A detailed presentation by MSTC of the e-auction platform illustrated the smooth registration process and bidding procedures for interested participants, as stated by the Ministry of Mines.
India, with its more than 7,500 km of coastline and an EEZ covering 2.3 million square km, presents exceptional prospects for mineral exploration in the Indian Ocean, aiding both economic growth and sustainability objectives, according to the Ministry’s statement.
Countries like China, Japan, Norway, Brazil, South Africa, Papua New Guinea, and Namibia are leading the way in offshore mining initiatives. Offshore zones encompass territorial waters, continental shelves, exclusive economic zones, and other maritime regions of the nation.
The ministry was also recognized with the First Position (Gold) for excellence in display at the India International Trade Fair (IITF), 2024.
