India set to launch first-ever offshore mineral auction in Q1CY24

Critical minerals are defined as those that are essential to the economic and national security of a nation but that have a supply chain vulnerable to disruption

In a step towards diversifying its resource base and securing green energy minerals, India is poised to launch its first-ever offshore mineral auction in the first quarter of 2024, announced Union Minister of Mines Pralhad Joshi during the launch event of the National Geoscience Data Repository portal.

The government plans to hold auctions in March, offering 10-15 blocks for bidding. Meanwhile, the Ministry of Mines is currently developing rules and regulations for offshore mining.

“Ten to 15 blocks are prepared for auction. The regulations will be released for consultation shortly,” V L Kantha Rao, Secretary, Ministry of Mines, told Business