Ministry of Mines Organizes Webinar on India’s First-ever Offshore Areas Mineral Blocks Auction
Ministry of Mines Organizes Webinar on India’s First-ever Offshore Areas Mineral Blocks Auction
Ministry of Mines Organized a webinar on India’s maiden e-auction of Offshore Areas Mineral Blocks, a landmark initiative aimed at tapping the vast undersea mineral wealth within the country’s Exclusive Economic Zone (EEZ).
Joint Secretary & Administering Authority, Ministry of Mines, Shri Vivek Kumar Bajpai, highlighted the immense potential of offshore minerals to meet the rising demand for critical resources. He emphasized how this transformative step will boost India’s self-reliance while opening avenues for global investments. Shri Bajpai urged international mining companies to grab this opportunity and contribute to a sustainable and resource-secure future for India.
The webinar also featured a detailed presentation by SBICAPS, who explained the auction process, including tender conditions, bidding timelines, and participation requirements.
Geological Survey of India (GSI) provided in-depth technical insights into the geology and mineral potential of the identified offshore blocks.
A comprehensive walkthrough by MSTC of e-auction platform showcased the seamless registration process and bid submission steps for potential participants.
In the first tranche, 13 mineral blocks have been made available for auction:
The move follows the amendment to the Offshore Areas Mineral (Development and Regulation) Act, 2002, in August 2023, introducing a transparent and competitive auction regime. This policy shift is expected to attract significant investments, ensuring a streamlined and effective exploration process for offshore resources like polymetallic nodules, lime-mud, and construction sand.
With over 7,500 kilometres of coastline and an EEZ spanning 2.3 million square kilometres, India offers unparalleled opportunities for mineral exploration in the Indian Ocean, supporting both economic growth and sustainability goals.
For further details regarding the auction process, interested stakeholders can visit https://www.mstcecommerce.com/auctionhome/mlcln/.