Updated March 3rd, 2024 at 15:13 IST

Offshore minerals auctions to launch by June-July 2024: Pralhad Joshi

With 10 offshore mineral blocks already short-listed by the mines ministry, inter-ministerial consultations are underway to secure clearances for the auction.

Reported by: Business Desk
Union Minister Pralhad Joshi | Image:Union Minister Pralhad Joshi
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Offshore mineral auctions: Union Minister for Coal and Mines, Pralhad Joshi, revealed plans for the initiation of the first tranche of offshore minerals auctions, expected to commence by June-July this year. 

With 10 offshore mineral blocks already short-listed by the mines ministry, inter-ministerial consultations are underway to secure necessary clearances for the auctions. 

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These blocks, situated along the east and west coast of India, hold significant potential for mineral extraction. Minister Joshi affirmed the government's intention to conduct multiple rounds of auctions following the inaugural one. 

Amendments to the Offshore Areas Mineral (Development and Regulation) Act, 2002, now enable the auctioning of production leases for offshore minerals, aimed at enhancing mineral availability within the country and reducing reliance on imports. 

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India's offshore mineral reserves encompass a variety of valuable resources, including gold, diamond, copper, nickel, cobalt, manganese, and rare earth elements, albeit with extraction challenges due to their deep-seated location within the earth's crust.

(With PTI inputs)

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Published March 3rd, 2024 at 15:13 IST