The Indian government announced that 88 mineral blocks have been successfully auctioned in the current financial year up to December 10. This includes the auction of 24 critical mineral blocks in four tranches. The National Mineral Exploration Trust (NMET) has approved 120 mineral exploration and procurement projects with an estimated cost of ₹609.54 crore.
An amendment to the Second Schedule of the MMDR Act, 1957 was made to rationalize the royalty rate for 12 critical and strategic minerals. The Ministry of Mines recently organized a webinar to showcase 13 offshore mineral blocks in India’s Exclusive Economic Zone (EEZ), which are being implemented for e-auction. These blocks include 3 Construction Sand blocks off the Kerala coast, 3 Limemud blocks off the Gujarat coast, and 7 Polymetallic Nodules and Crust blocks off the Great Nicobar Islands.
The MSTC provided a comprehensive walkthrough of the e-auction platform, highlighting the seamless registration process and bid submission steps for potential participants. With over 7,500 km of coastline and an EEZ spanning 2.3 million square km, India offers significant opportunities for mineral exploration in the Indian Ocean, supporting economic growth and sustainability goals.
Countries like China, Japan, Norway, Brazil, South Africa, Papua New Guinea, and Namibia are among those pursuing offshore mining. The Ministry of Mines was awarded the First Position (Gold) for excellence in display at the India International Trade Fair (IITF), 2024.
