India's Historic Offshore Mineral Block Auction Set to Transform Maritime Resource Exploration

India's Ministry of Mines will launch the first-ever mineral block auctions in offshore areas, marking a pivotal step in exploring undersea mineral resources across territorial waters and exclusive economic zones. This initiative is critical for securing India's strategic interests, diversifying mineral sources, and stabilizing supply chains.

In a landmark move, the Ministry of Mines of India is poised to initiate the country's inaugural auction of mineral blocks situated in offshore territories, as announced in an official press release.

This pioneering event marks India's aggressive push into harnessing undersea mineral resources within its vast maritime zones, including the territorial waters, continental shelf, and the exclusive economic zone (EEZ), which spans over 2 million square kilometers. Experts believe these areas hold immense reserves essential for the nation's strategic and economic benefits.

Amid a global pivot towards technology reliant on critical minerals like cobalt, nickel, and rare earth elements, India's increased participation in offshore mineral exploration aims to mitigate import reliance and fortify supply chains. The updated regulatory framework, stemming from the amended Offshore Areas Mineral (Development and Regulation) Act, 2002, now mandates auctions as the primary method for mineral block allocation, streamlining lease and license processes.

The first tranche features bids for 13 strategically chosen mineral blocks, comprising valuable deposits like polymetallic nodules, construction sand, and lime mud, crucial for infrastructure, manufacturing, and sustainable energy sectors. The official launch will be spearheaded by Union Ministers G Kishan Reddy and Satish Chandra Dubey.

(With inputs from agencies.)