New Delhi: In a significant move aimed at boosting the country’s mineral security and supporting future industrial growth, the Ministry of Mines will launch the auction of offshore mineral blocks on October 1, opening a new chapter in the exploration and development of India’s offshore mineral resources, it was announced on Wednesday.
The auction marks an important step towards unlocking the country’s offshore mineral potential, particularly at a time when demand for critical minerals is rising globally due to the rapid expansion of clean energy technologies, electric mobility and advanced manufacturing sectors.
According to the Ministry, offshore mineral resources contain key minerals such as cobalt, nickel, manganese, copper and rare earth elements, which are essential for renewable energy systems, electric vehicles, advanced electronics and strategic industries.
The development of domestic offshore resources is expected to strengthen India’s efforts towards self-reliance, resource security and sustainable economic growth.
The auction is being conducted under the provisions of the Offshore Areas Mineral (Development and Regulation) Act, 2002 and the Offshore Areas Mineral (Auction) Rules, 2024.
Following amendments to the OAMDR Act in 2023, the Centre was empowered to allocate offshore mineral blocks through a transparent and competitive auction process.
As part of the first phase, two offshore mineral blocks located in the Andaman Sea region will be offered for the grant of Composite Licences.
The government expects the initiative to encourage systematic exploration, attract investments and facilitate the adoption of advanced technologies for offshore mineral exploration and development.
Officials said the move reflects the government’s commitment to expanding India’s mineral resource base through scientific exploration and responsible development of offshore resources.
The auction is also expected to pave the way for greater participation from the private sector while fostering technological innovation in a sector with substantial long-term potential.
The Ministry believes that tapping offshore mineral resources will play an important role in meeting the country’s future industrial and strategic requirements, while strengthening supply chains for critical minerals needed in emerging technologies.
(IANS)
