First Offshore Mineral Auctions:
India is set to launch its first offshore mineral auctions, marking a significant step in resource management. This initiative, part of the proposed National Critical Minerals Mission (NCCM), aims to enhance the supply chain for critical minerals.
- Union Minister of Mines announced the identification of 10 blocks, marking a pivotal moment in the nation’s quest for self-reliance in mineral resources, in line with the vision of an Atmanirbhar Bharat.
- Exploration reports of 10 blocks located in India’s Exclusive Economic Zone (EEZ) are available for auction for grant of composite license. Of these, 7 blocks of poly-metallic nodules and crusts are located in Andaman Sea, 3 blocks of lime-mud are located off the Gujarat coast.
- The mineral blocks which contain critical minerals like Cobalt and Nickel which are key to manufacturing low-carbon technologies to generate, store and transmit clean energy and steel manufacturing.
- The auctions will be conducted under the Offshore Areas Mineral (Development and Regulation) Act (OAMDR), 2002.
- Composite licenses will be issued for mineral resource determination, exploration, and commercial production.
