New Delhi, Sept. 30 -- The Mines Ministry will launch the auction of offshore mineral blocks in the Andaman Sea on Thursday, a move aimed at tapping the country's offshore mineral reserves and bolstering long-term mineral resource security.
Two offshore mineral blocks in the Andaman Sea region will be offered for grant of composite licence.
Composite licence or prospecting licence-cum-mining lease means a two-stage concession granted for the purpose of undertaking prospecting operations followed by mining operations.
"The Ministry of Mines will launch the auction of offshore mineral blocks tomorrow," the mines ministry said in a statement on Wednesday.
Offshore mineral resources are crucial for technological growth, green energy transition and building resilient supply chains. Key minerals like cobalt, nickel, manganese, copper, and rare earth elements are vital for electric vehicles, renewable energy systems, advanced electronics and strategic sectors.
Developing domestic offshore mineral resources will help the nation achieve self-reliance, ensure raw material security and drive sustainable economic expansion.
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 mines ministry has been empowered to auction offshore mineral blocks, enabling transparent and competitive allocation of offshore mineral resources.
Published by HT Digital Content Services with permission from Millennium Post.