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Mines Ministry Launches First-Ever Tranche of Offshore Mineral Blocks for Auction

2024-12-04

The Ministry of Mines launched India’s first-ever auction of 13 offshore mineral blocks, marking the country’s entry into the exploration and development of undersea mineral resources.

The auction was inaugurated by Mines Minister G Kishan Reddy, who highlighted the significance of the initiative for India’s blue economy and its progress toward self-reliance. The 13 blocks, located within India’s Exclusive Economic Zone (EEZ), include a variety of minerals such as construction sand, lime mud, and polymetallic nodules.

Union Minister G Kishan Reddy emphasized that these offshore minerals, which include valuable resources like copper, nickel, and cobalt, are crucial for India’s infrastructure, electric vehicles, and renewable energy sectors. He also assured that the government is committed to sustainable mining practices to minimize environmental impacts.

The Ministry is launching several measures to make the business of offshore mining more streamlined, with the aim of reducing India’s reliance on mineral imports. The offshore mineral reserves in India are estimated to be rich in resources, which could help meet the country’s growing demand and support the nation's Net Zero goals by 2070.

The auction’s first tranche will include seven polymetallic nodule blocks, three construction sand blocks, and three lime mud blocks.