Offshore mining to open up for private sector by December
NEW DELHI : The government will put up over 12 offshore mineral-bearing areas for auction to the private sector before the end of 2023, an official aware of the plans said. The Geographical Survey of India has estimated 79 million tonnes of heavy minerals lying untapped off the country’s 7,517-km long coastline.
The Rajya Sabha on Thursday passed the Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023, clearing the way for the auction. The mines ministry will formulate rules soon so that the offshore areas are identified and auctioned by December and at least a dozen blocks handed over to the private sector before the end of the fiscal year, the official cited above said on condition of anonymity.
The auction will be for lime mud within the exclusive economic zone (EEZ) off Gujarat and Maharashtra coasts, construction-grade sand off the Kerala coast, and heavy mineral placers in the inner-shelf and mid-shelf off Odisha, Andhra Pradesh, Kerala, Tamil Nadu, and Maharashtra, the official said on condition of anonymity. Phosphorite in the eastern and western continental margins, polymetallic ferromanganese (Fe-Mn) nodules and crusts in the Andaman Sea and Lakshadweep Sea will also be put on the block.
These offshore resources would be in complete control of the Centre, which would run the entire exercise of inviting applications for exploration, overseeing the auction process and selecting and handing over mineral resources to prospective bidders. Unlike other minerals, royalties, auction premiums, and other revenues from the production of minerals from offshore areas shall accrue solely to the Union government.
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