New Delhi, Nov 27 (IANS) The Union Ministry of Mines will be launching the first-ever tranche of the auction of mineral blocks in the offshore areas of the country on November 28, marking a landmark initiative of India’s entry into the exploration and development of undersea mineral resources, according to an official statement released on Wednesday.
The offshore area of India includes the territorial waters, continental shelf, exclusive economic zone (EEZ) and other maritime zones of the country.
India’s Exclusive Economic Zone (EEZ) of over 2 million sq. km. holds significant mineral resources. Offshore minerals are vital to securing India’s strategic and economic interests. With the rapid global shift towards technologies reliant on high-demand minerals, such as cobalt, nickel, rare earth elements (REE), and polymetallic nodules, India must develop diverse mineral sources to reduce dependence on imports and stabilize its supply chains, the statement explained.
“As India steps into this new frontier of undersea mineral exploration, it aims to not only bolster its industrial and green energy sectors but also secure its position as a global leader in critical minerals,” the statement added.
In August 2023, the Parliament amended the Offshore Areas Mineral (Development and Regulation) Act, 2002, mandating auction as a mode of allocation of mineral blocks in the offshore areas. This amendment allows the government to streamline the grant of production leases and composite licenses for the exploration and extraction of these resources.
This first tranche includes 13 carefully selected mineral blocks spanning across the Arabian Sea and the Andaman Sea, featuring a mix of construction sand, lime mud, and polymetallic nodules. These minerals are critical for infrastructure development, high-tech manufacturing, and the green energy transition.
Union Minister of Coal and Mines G. Kishan Reddy and Union Minister of State for Coal and Mines Satish Chandra Dubey will officially launch this ground-breaking initiative.
“The Ministry of Mines thrives to mark a transformative chapter in India’s mineral exploration journey, with the potential to unlock vast economic and strategic opportunities. By fostering private sector participation, leveraging advanced technologies, and streamlining regulatory frameworks, this initiative underscores the government’s commitment to sustainable resource utilization and self-reliance,” the statement added.
–IANS
sps/dpb
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
