e-Auction for Offshore Mineral Blocks Launched; Marking New Era in Undersea Resource Exploration

Shri Bajpai highlighted how the initiative aligns with India’s broader economic goals, particularly in fostering investment and technological innovation in the offshore mining sector.

The Ministry of Mines has taken a groundbreaking step by organizing a webinar to announce India’s first e-auction of offshore mineral blocks. This initiative, targeting the vast undersea mineral wealth within the country’s Exclusive Economic Zone (EEZ), aims to boost self-reliance, attract global investments, and establish India as a key player in offshore resource exploration.

Joint Secretary and Administering Authority, Shri Vivek Kumar Bajpai, underscored the immense potential of offshore minerals in meeting the growing demand for critical resources. Speaking during the webinar, he described the initiative as a pivotal moment in India's journey toward resource security and sustainability. He also extended an invitation to international mining companies to participate and contribute to the nation’s vision for economic growth and environmental sustainability.

Shri Bajpai highlighted how the initiative aligns with India’s broader economic goals, particularly in fostering investment and technological innovation in the offshore mining sector.

Webinar Highlights

The webinar brought together key stakeholders, including industry leaders and government bodies, and provided a comprehensive overview of the auction process:

SBICAPS Presentation: Detailed insights into the tender conditions, bidding timelines, and participation requirements.

Geological Survey of India (GSI): Delivered a technical analysis of the geology and mineral potential of the identified offshore blocks, focusing on resource abundance and exploration possibilities.

MSTC Walkthrough: Demonstrated the e-auction platform, covering the streamlined registration process, bid submission protocols, and platform functionality.

Offshore Mineral Blocks on Offer

In the maiden auction, 13 mineral blocks have been made available for bidding:

3 Construction Sand Blocks: Located off the Kerala coast, catering to India’s booming construction industry.

3 Lime-Mud Blocks: Situated off Gujarat, essential for industries like cement manufacturing.

7 Polymetallic Nodules and Crust Blocks: Found off the Great Nicobar Islands, containing valuable resources like cobalt, nickel, and rare earth elements critical for green technologies.

Legislative and Policy Shifts

This initiative follows the August 2023 amendment to the Offshore Areas Mineral (Development and Regulation) Act, 2002, introducing a competitive and transparent auction mechanism. The policy overhaul is designed to attract significant domestic and international investments while ensuring effective exploration of resources like polymetallic nodules, lime mud, and construction sand.

India’s Offshore Potential

With a 7,500-kilometer coastline and an Exclusive Economic Zone spanning 2.3 million square kilometers, India offers unparalleled opportunities for mineral exploration. These efforts aim to unlock the Indian Ocean's vast undersea wealth while promoting sustainable economic growth and addressing the global demand for critical resources.

Future Opportunities

The government plans to expand the scope of offshore mining by:

• Conducting geological surveys to identify new potential mineral blocks.
• Encouraging technological advancements in offshore exploration and mining techniques.
• Establishing collaborations with global leaders in undersea mining to adopt best practices and ensure environmental sustainability.

Stakeholder Information

Potential participants and stakeholders can access detailed auction information, register for bidding, and explore further guidelines on the MSTC e-auction platform at: https://www.mstcecommerce.com/auctionhome/mlcln/.

A Vision for the Future

India’s maiden offshore mineral auction signifies a monumental step toward leveraging the nation’s undersea resources. By fostering innovation, transparency, and sustainability, this initiative is set to reshape the country’s resource landscape, driving economic growth while protecting its maritime ecosystems.