Govt successfully auctions 88 mineral blocks including 24 critical minerals this fiscal year

The government has successfully auctioned 88 mineral blocks in the current financial year, including 24 critical mineral blocks completed in four tranches.

     

The Ministry of Mines said in a statement, the National Mineral Exploration Trust (NMET) has approved 120 exploration and procurement projects with a budget of over 609 crore rupees. The ministry stated, a comprehensive walkthrough by MSTC of the e-auction platform showcased the seamless registration process and bid submission steps for potential participants. 

The Mines Ministry recently organized a webinar to promote offshore mineral exploration, showcasing 13 offshore blocks up for e-auction. These include blocks off the coasts of Kerala, Gujarat, and the Great Nicobar Islands, tapping



into India’s vast undersea mineral wealth within its Exclusive Economic Zone (EEZ). The ministry emphasized India’s significant potential in offshore mining, with a 7,500 km coastline and a 2.3 million square km EEZ.

     

Amendments to the MMDR Act, 1957, were also made to rationalize royalty rates for 12 critical minerals. The ministry recently won a Gold award for excellence in display at the India International Trade Fair 2024.

     

China, Japan, Norway, Brazil, South Africa, Papua New Guinea, Namibia are among the major countries pursuing offshore mining. Offshore areas include territorial waters, continental shelf, exclusive economic zone, and other maritime zones of the country.