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Union Minister Pralhad Joshi stated that the first tranche of offshore minerals auctions is expected to begin in June-July this year. The mines ministry has short-listed 10 offshore mineral blocks, and inter-ministerial negotiations are underway to obtain the required permits for auctions as soon as possible, according to the Minister for Coal and Mines.
When asked about the timeline for the auction of offshore minerals, he stated that the auctions are expected to begin in June-July 2024. Joshi stated, "The blocks are located on the east and west coast of India," without providing any other details. "Our plan is to launch more tranches of auction of offshore minerals after concluding the first one," the minister added.
The government amended the Offshore Areas Mineral (Development and Regulation) Act, 2002, to provide an auction route for awarding production leases for offshore minerals. Offshore minerals are located deep within the earth's crust and are difficult to extract compared to onshore minerals.
India's offshore mineral reserves include gold, diamond, copper, nickel, cobalt, copper, manganese, and rare earth elements. The offshore auctions will help increase the availability of these minerals in India and reduce dependence on imports.
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