In a significant move to bolster its mineral resource base, India is set to commence its first-ever offshore mineral auction, offering 48 critical mineral blocks for exploration and development. This initiative aligns with the government’s broader strategy to enhance domestic production of essential minerals and reduce reliance on imports.
The inaugural tranche, launched on November 28, 2024, includes 13 mineral blocks located in the Arabian Sea and the Andaman Sea. These blocks feature a variety of resources, such as construction sand, lime-mud, and polymetallic nodules and crusts, which contain valuable elements like cobalt and nickel.
The auction process will be conducted online through a transparent two-stage ascending forward auction, where the highest bid based on the percentage of the mineral value will secure the winning bid. This approach aims to attract both domestic and international investors, fostering technological advancement and sustainable development in India’s mining sector.
To promote this initiative, the Ministry of Mines has organized roadshows, including a notable event in Kochi, Kerala, on January 11, 2025. These roadshows aim to engage potential investors and stakeholders, providing detailed insights into the auction process and the significant opportunities within India’s offshore mineral sector.
This offshore mineral auction represents a pivotal step in India’s journey toward achieving self-reliance in critical minerals, ensuring economic resilience, and securing a sustainable future.
