India Launches First-Ever Tranche of Auction of 13 Mineral Blocks in Offshore Areas
India Launches First-Ever Tranche of Auction of 13 Mineral Blocks in Offshore Areas
The first ever tranche of e-auction of mineral blocks in the offshore areas of India was launched by Shri G. Kishan Reddy, Union Minister of Coal and Mines on 28th November 2024. This landmark event is a major step forward in India’s journey to explore and utilize its extensive offshore mineral resources within its Exclusive Economic Zone (EEZ).
This first tranche of the auction includes 13 mineral blocks spanning across the Arabian Sea and the Andaman Sea, featuring a mix of minerals, such as construction sand, lime-mud, and polymetallic nodules and crusts. These minerals are critical for infrastructure development, high-tech manufacturing, and the green energy transition.
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The commencement of the sale of the tender document of offshore mineral blocks will begin on 3rd December 2024. Prospective bidders can submit their bids by the end of February 2025.
The Government of India is committed to continuing this momentum by putting more offshore mineral blocks in auction in a phased approach, supporting India’s ambitions for mineral security, technological advancement, and sustainable development.
Detailed information on the mineral blocks, auction terms, and timelines can be accessed on the MSTC auction platform at https://www.mstcecommerce.com/auctionhome/mlcln/. The auction will be conducted online in a transparent two-stage ascending forward auction process, where the highest bid based on the percentage of the mineral value will secure the winning bid.
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