India's Offshore Mineral Auction: A New Era for Resource Independence

India's mines ministry highlighted the potential of offshore minerals for meeting critical resource demand during a webinar. The event marked India's first e-auction of offshore mineral blocks, aiming to enhance self-reliance and attract global investment. SBICAPS presented the auction process details, including tender conditions and participation requirements.

In a webinar aimed at exploring the vast potential of offshore minerals, India's mines ministry underlined the significant opportunities in meeting the demand for critical resources. The event heralded the nation's inaugural e-auction of offshore mineral blocks, a move poised to bolster self-reliance and draw foreign investments.

Mines Joint Secretary Vivek Kumar Bajpai emphasized the transformative impact of this initiative, urging international mining firms to seize the chance to contribute to a sustainable, resource-secure future for India. The mines ministry communicated this development in an official statement.

Contributor SBICAPS conducted an in-depth presentation detailing the auction process, elucidating aspects like bidding timelines, tender conditions, and participation prerequisites. The government last month initiated the auction of 13 offshore mineral sites, comprising diverse commodities such as lime mud, construction sand, and polymetallic nodules and crusts.

(With inputs from agencies.)