New Delhi: The Ministry of Mines is set to host a pivotal roadshow on Saturday in Kochi, marking India's inaugural e-auction of Offshore Areas Mineral Blocks. This initiative aims to tap into the vast mineral resources within India's Exclusive Economic Zone (EEZ).
The event will be chaired by Ministry of Mines' Secretary VL Kantha Rao in presence of APM Mohammed Hanish, Principal Secretary of the Industries Department, Government of Kerala, along with other key dignitaries and industry experts. Leading companies from the mining, cement, and infrastructure sectors are expected to attend, signaling significant opportunities for economic growth and development.
Presentations will be delivered by SBICAPS, MSTC, and the Geological Survey of India (GSI). SBICAPS will detail the auction framework, outlining tender requirements and participation guidelines. MSTC will demonstrate its advanced e-auction platform, designed to ensure a transparent and efficient bidding process. GSI will provide insights into the resource potential of offshore mineral blocks, with a particular focus on the three blocks identified off Kerala’s coastline, which are rich in construction sand essential for the state's infrastructure and real estate sectors.
This roadshow follows the launch of India's first tranche of e-auction for offshore mineral blocks by Union Minister of Coal and Mines G Kishan Reddy, on November 28, 2024. A total of 13 blocks are being offered in this tranche:
3 blocks off the Kerala coast
3 blocks off Gujarat
7 blocks in the Andaman and Nicobar Islands
These e-auctions are part of significant reforms, including amendments to the Offshore Areas Mineral (Development and Regulation) Act, 2002, enacted in August 2023. The reforms aim to introduce a competitive and transparent process to encourage private sector participation in the exploration of offshore resources such as polymetallic nodules, lime-mud, and construction sand.
The Ministry of Mines invites industry leaders, investors, and stakeholders to participate in this landmark roadshow and explore the vast opportunities in offshore mineral exploration. Detailed information about the auction, including block specifics and bidding conditions, is available on the MSTC auction platform.
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