"Given the huge potential for exploration of valuable minerals in the sea, plans are afoot to buy a research vessel costing about Rs 450 crore," Mines Secretary JP Singh said.
The government has roped in Shipping Corporation as consultant to facilitate the vessel buyout. A foreign consultant too would be appointed soon to identify and furnish information about suitable vessel making companies.
Singh said the government also plans to replace its existing vessel with a new one costing Rs 48 crore and purchase a helicopter for about Rs 45 crore for aerial reconnaissance of minerals.
"The idea behind all these purchase plans is to strengthen the Geological Survey of India (GSI) for exploration of valuable minerals," Singh said, adding that the buyout process is likely to be completed in two years.
The government has already appointed a high-powered committee to assess manpower, equipment and technology requirements of GSI.
As of now the marine wing of GSI has surveyed over 95 per cent of the 2,012 million square km of exclusive economic zones, including about 1,05,000 square km of territorial water in India. In the process, it has located heavy mineral placer deposits on the offshores, which are exploitable with the available technology.
Singh said there is a huge potential for exploration of minerals like gold, diamond, nickle, lead and copper in the country, but currently the industry's focus seems to be on iron ore given the boom in steel industry.
