NEW DELHI: The government will launch the auction of two offshore mineral blocks in the Andaman Sea on Friday, as part of its efforts to tap India’s offshore mineral potential and strengthen the country’s long-term resource security.
The Ministry of Mines said the move assumes significance amid growing demand for critical minerals driven by technological advancement, the clean-energy transition and the need to build resilient supply chains.
Minerals including cobalt, nickel, manganese, copper and rare earth elements are essential for electric mobility, renewable-energy systems, advanced electronics and several strategic industries.
The government expects the development of domestic offshore mineral resources to support its objectives of self-reliance, resource security and sustainable economic growth. The auction will be conducted under the Offshore Areas Mineral (Development and Regulation) Act, 2002 and the Offshore Areas Mineral (Auction) Rules, 2024, as amended from time to time.
Following amendments to the OAMDR Act in 2023, the Ministry of Mines was empowered to auction offshore mineral blocks, paving the way for competitive and transparent allocation of these resources.