India Dives Deep: Offshore Mineral Auctions Set to Transform Industry

India has initiated its first auction of offshore mineral blocks, offering 13 undersea mine areas, including crucial resources like lime mud and polymetallic nodules. This effort supports the nation's green energy transition and aims to strengthen its mineral wealth. Key government officials highlight future demand and collaboration opportunities.

In a significant move towards bolstering its mineral wealth, India on Thursday initiated the first auction of offshore mineral blocks. Thirteen mines, comprising three lime mud, three construction sand, and seven polymetallic nodules and crusts, were offered in this groundbreaking sale.

The auction not only marks India's venture into undersea mineral exploration but is also set to play a vital role in the nation's infrastructure development and green energy shift. Mines Minister G Kishan Reddy emphasized the importance of this exploration, anticipating an eightfold increase in lithium demand as part of the forthcoming Critical Minerals Mission.

The government is seeking partners for this venture, aiming to reduce dependence on imports and diversify its mineral sources. With amendments to the Offshore Areas Mineral Act facilitating these auctions, it aligns India with global trends in high-demand mineral exploration, positioning the country as a potential leader in the field.

(With inputs from agencies.)