Mines Ministry opens 35 blocks for auction

The Ministry of Mines has announced the auctioning of 35 offshore blocks, with an additional 24 blocks in the pipeline set to follow suit. This auctioning process is scheduled to commence within the next two to three months, subsequent to recent amendments made to the Offshore Areas Mineral (Development & Regulation) Act, 2002.

This announcement was made during the culmination of the Offshore Exploration - Synergies and Opportunities (OESO) workshop, held in Mangalore, Karnataka, on February 15, 2024. The Geological Survey of India (GSI) is geared to bolster India's offshore mineral exploration, with these mineral blocks already transferred to the government for the auctioning process.

The Ministry has underscored the importance of developing procedures, norms, and standard operating procedures (SOPs) to facilitate private sector participation in the exploration and exploitation of these blocks. India's extensive yet largely unexplored offshore resources encompass polymetallic nodules, heavy mineral placers, lime mud, and construction sand. There exists a collective responsibility to harness these resources sustainably, in alignment with the government's overarching vision for economic development.

The workshop was marked by in-depth deliberations on legislative amendments, guidelines for private exploration agencies, and sustainable exploration practices.

News by Rahul Yelligeti