Govt makes offshore mineral rules stricter but eases awarding process

The mines ministry has identified 10 offshore mineral blocks for potential auction and is holding inter-ministerial consultation to secure approval

In a bid to capitalise on its underwater resources, the Indian government has introduced new rules for auctioning offshore mineral assets, aiming to ensure a transparent and competitive process. While these rules feature stringent eligibility criteria, they also simplify the awarding process. This move comes in the wake of the less-than-expected interest in critical mineral auctions.

The Offshore Areas Mineral (Auction) Rules, 2024, released on August 16, propose an ascending forward online auction for bidding. To enhance the auction's effectiveness, the government has allowed the auction to proceed even if only one technically qualified bidder remains after the