Union Mines Minister G. Kishan Reddy has launched the first tranche of offshore mineral blocks auction in New Delhi. This first tranche of auction includes 13 mineral blocks spanning across the Arabian Sea and Andaman Sea, featuring a mix of minerals, such as construction sand, lime-mud, and polymetallic nodules and crusts. These minerals are critical for infrastructure development, high-tech manufacturing, and the green energy transition.

Speaking on the occasion, the minister said very few countries in the world opt for offshore mining and India has joined the league. Mr. Reddy added that the demand for critical minerals like cobalt, nickel, copper, and manganese is increasing rapidly, and in the future it will increase further in India. Mr. Reddy added offshore mining will not only strengthen the country’s mineral health but will also unlock the blue economy. He announced that very soon India will launch its critical minerals mission, which will ensure the country’s global presence and strengthen the domestic supply chain. The union minister showed optimism that India will soon become a key player in the global critical mining market. He said import dependency of critical mines will also become less. Mr. Reddy further mentioned that the government has set up PSU KABIL in countries like Argentina and Australia for exploration for critical minerals. He urged all stakeholders to come and work together to make the country a global force in offshore mining.

In August last year, the Offshore Areas Mineral (Development and Regulation) Act, 2002, was amended, mandating auction as a mode of allocation of mineral blocks in the offshore areas.