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The Ministry of Mines is set to organize a roadshow in Porbandar, Gujarat on Saturday, to highlight India's maiden e-auction of offshore mineral blocks.
This initiative marks a step towards unlocking the vast undersea mineral wealth within the country's Exclusive Economic Zone (EEZ). The event in Porbandar will be chaired by Secretary, Ministry of Mines, VL Kantha Rao and will be attended by Commissioner, Geology and Mines, Gujarat, Dhaval Patel, among other industry leaders. Prominent companies from the mining, cement, and infrastructure sectors are expected to participate, a statement from the ministry said Friday. The roadshow will feature key presentations by SBICAPS, MSTC, and GSI. SBICAPS will outline the auction process, including timelines, tender conditions, and participation requisites. MSTC will demonstrate the advanced e-auction platform, ensuring seamless and transparent bidding. GSI (Geological Survey of India) will deliver a technical presentation on the mineral potential of the offshore blocks, with particular emphasis on the three blocks identified off Gujarat's coastline. These lime-mud-rich blocks present significant opportunities for the cement and construction sectors in the state. This event builds on 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 mineral blocks have been identified for auction in this tranche, including three Limemud blocks in Gujarat, three construction Sand blocks in Kerala, and seven polymetallic nodules and crusts blocks in Andaman and Nicobar Islands The initiative follows amendments to the Offshore Areas Mineral (Development and Regulation) Act, 2002, in August 2023, introducing a transparent and competitive auction regime. This policy aims to attract significant investments and streamline offshore exploration processes for resources such as polymetallic nodules, lime-mud, and construction sand. All details of the auction, including terms and mineral blocks, can be accessed on the MSTC auction platform at https://www.mstcecommerce.com/auctionhome/mlcln/.\ The Ministry of Mines invites industry stakeholders to join this transformative event and explore unparalleled opportunities in offshore mineral exploration. (ANI)
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