Ministry of Mines to launch first-ever auction of mineral blocks in offshore areas of India
Marking India’s entry into the exploration and development of undersea mineral resources within its offshore area, the Ministry of Mines, Government of India, is all set to launch the first-ever tranche of auction of mineral blocks in the offshore areas of India on November 28, 2024. Offshore area of India includes the territorial waters, continental shelf, exclusive economic zone (EEZ) and other maritime zones of India.
India’s Exclusive Economic Zone of over 2 million sq.km. holds significant mineral resources. Offshore minerals are vital to securing India’s strategic and economic interests. With the rapid global shift towards technologies reliant on high-demand minerals, such as cobalt, nickel, rare earth elements (REE), and polymetallic nodules, India must develop diverse mineral sources to reduce dependence on imports and stabilize its supply chains.
This first tranche includes 13 carefully selected mineral blocks spanning across the Arabian Sea and Andaman Sea, featuring a mix of construction sand, limemud, and polymetallic nodules. These minerals are critical for infrastructure development, high-tech manufacturing, and the green energy transition.
