In a landmark move to unlock the vast mineral potential beneath India’s seas, the Ministry of Mines recently organised a webinar on the maiden e-auction of Offshore Areas Mineral Blocks. This initiative marks a significant step toward harnessing undersea mineral wealth within the country’s Exclusive Economic Zone (EEZ).
Joint Secretary and Administering Authority of the Ministry of Mines, Vivek Kumar Bajpai, underscored the transformative potential of offshore minerals in meeting the growing demand for critical resources. “This initiative will not only strengthen India’s self-reliance but also attract global investments,” said Bajpai, inviting international mining companies to seize the opportunity and contribute to a sustainable, resource-secure future for India.
The webinar featured an in-depth presentation by SBICAPS, elucidating the auction process, including tender conditions, bidding timelines, and participation requirements. Experts from the Geological Survey of India (GSI) provided technical insights into the geology and mineral prospects of the identified offshore blocks. Additionally, MSTC delivered a comprehensive walkthrough of the e-auction platform, showcasing its user-friendly registration and bid submission process.
Blocks Offered in the First Tranche
The first tranche of the auction includes 13 mineral blocks:
- 3 Construction Sand blocks: Off the coast of Kerala.
- 3 Lime-mud blocks: Off the coast of Gujarat.
- 7 Polymetallic Nodules and Crusts blocks: Off the Great Nicobar Islands.
These blocks were identified following an amendment to the Offshore Areas Mineral (Development and Regulation) Act, 2002, in August 2023. The amendment introduced a transparent and competitive auction regime, setting the stage for streamlined exploration and sustainable utilisation of offshore resources such as polymetallic nodules, lime-mud, and construction sand.
With over 7,500 kilometres of coastline and an EEZ spanning 2.3 million square kilometres, India offers unparalleled opportunities for mineral exploration in the Indian Ocean. The auction is expected to bolster economic growth while aligning with the nation’s sustainability goals.
The webinar emphasised the government’s commitment to fostering innovation, ensuring environmental safeguards, and creating a robust framework for offshore mineral exploration. By tapping into its marine wealth, India is set to strengthen its position as a global leader in sustainable resource management.
