New Delhi, Dec 18 (IANS): The Ministry of Mines on Wednesday organised a webinar to showcase 13 mineral blocks in offshore areas of India that are being put up for e-auction in a landmark initiative aimed at tapping the vast undersea mineral wealth within the country's Exclusive Economic Zone (EEZ).
The Geological Survey of India (GSI) provided in-depth technical insights into the geology and mineral potential of the identified offshore blocks.
The 13 offshore mineral blocks being auctioned include 3 Construction Sand blocks off the Kerala coast and 3 Limemud blocks off the Gujarat coast.
Another 7 Polymetallic and Nodules and Crusts blocks off the Great Nicobar Islands also form part of the first tranche on offer.
A comprehensive walkthrough by MSTC of the e-auction platform showcased the seamless registration process and bid submission steps for potential participants, according to a statement issued by the Ministry of Mines.
Joint Secretary & Administering Authority, Ministry of Mines, Vivek Kumar Bajpai, highlighted the immense potential of offshore minerals to meet the rising demand for critical resources.
He emphasised how this transformative step will boost India’s self-reliance while opening avenues for global investments.
Bajpai urged international mining companies to grab this opportunity and contribute to a sustainable and resource-secure future for India.
The webinar also featured a detailed presentation by SBICAPS, who explained the auction process, including tender conditions, bidding timelines, and participation requirements.
The move follows the amendment to the Offshore Areas Mineral (Development and Regulation) Act, 2002, in August 2023, introducing a transparent and competitive auction regime. This policy shift is expected to attract significant investments, ensuring a streamlined and effective exploration process for offshore resources like polymetallic nodules, lime-mud, and construction sand.
With over 7,500 km of coastline and an EEZ spanning 2.3 million square km, India offers unparalleled opportunities for mineral exploration in the Indian Ocean, supporting both economic growth and sustainability goals, the Ministry said.
China, Japan, Norway, Brazil, South Africa, Papua New Guinea, Namibia are among the major countries pursuing offshore mining. Offshore areas include territorial waters, continental shelf, exclusive economic zone, and other maritime zones of the country.