Government Presents 13 Offshore Mineral Blocks for E-Auction
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New Delhi, Dec 18 (NationPress) The Ministry of Mines hosted a webinar on Wednesday to unveil 13 mineral blocks situated in offshore regions of India that are being offered for e-auction. This groundbreaking initiative aims to exploit the extensive undersea mineral resources found within the country's Exclusive Economic Zone (EEZ).
The Geological Survey of India (GSI) provided detailed technical information regarding the geology and mineral potentials of the designated offshore blocks.
The auctioned 13 offshore mineral blocks comprise 3 Construction Sand blocks off the coast of Kerala and 3 Limemud blocks off the coast of Gujarat.
Additionally, 7 Polymetallic and Nodules and Crusts blocks located near the Great Nicobar Islands are also included in the initial tranche available for bidding.
An informative presentation by MSTC demonstrated the user-friendly e-auction platform, detailing the straightforward registration process and steps for bid submission for interested participants, as per a statement from the Ministry of Mines.
Vivek Kumar Bajpai, Joint Secretary & Administering Authority of the Ministry of Mines, underscored the tremendous potential of offshore minerals to satisfy the increasing demand for vital resources.
He highlighted that this transformative initiative will enhance India’s self-sufficiency while paving the way for global investments.
Bajpai invited international mining firms to seize this opportunity to aid in creating a sustainable and resource-secure future for India.
The webinar also included a comprehensive presentation by SBICAPS, explaining the auction framework, including tender stipulations, bidding timelines, and participation criteria.
This initiative follows the recent amendment to the Offshore Areas Mineral (Development and Regulation) Act of 2002 in August 2023, which introduced a transparent and competitive auction system. This policy transformation is anticipated to draw substantial investments, ensuring an organized and efficient exploration process for offshore resources like polymetallic nodules, lime-mud, and construction sand.
With more than 7,500 km of coastline and an EEZ covering 2.3 million square km, India presents unmatched opportunities for mineral exploration in the Indian Ocean, supporting both economic development and sustainability objectives, according to the Ministry.
Countries like China, Japan, Norway, Brazil, South Africa, Papua New Guinea, and Namibia are key players in offshore mining. The offshore regions encompass territorial waters, continental shelves, exclusive economic zones, and other maritime territories of the nation.
