The government will on Thursday launch the first round of sale of mineral blocks in offshore areas with 13 mines across the Arabian Sea and Andaman Sea set to be auctioned.
These mineral blocks consist of a mix of construction sand, lime mud, and polymetallic nodules. These minerals are critical for infrastructure development, high-tech manufacturing and green energy transition.
"The Ministry of Mines will be launching the first-ever tranche of auction of mineral blocks in offshore areas of India on 28th November 2024," an official statement said.
The move assumes significance as it will lead to foray into the exploration and development of undersea mineral resources within its offshore area.
Offshore areas include territorial waters, continental shelf, exclusive economic zone, and other maritime zones of the country.
With the global shift towards technologies reliant on high-demand minerals, such as cobalt, nickel, rare earth elements, and polymetallic nodules, India must develop diverse mineral sources to reduce dependence on imports and stabilise its supply chains, the mines ministry said.
Coal and Mines Minister G Kishan Reddy and Minister of State for coal and mines, Satish Chandra Dubey will officially launch the ground-breaking initiative, it said.
In August last year, the Parliament amended the Offshore Areas Mineral (Development and Regulation) Act, 2002, mandating auction as the mode of allocation of mineral blocks in offshore areas.
This amendment allows the government to streamline the grant of production leases and composite licences for the exploration and extraction of these resources.
As the country steps into 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.
Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.