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Roadshow on First-ever Offshore Areas Mineral Blocks Auction held in Gujarat

Published: Dec 21, 2024

By TIOLCorplaws News Service

NEW DELHI, DEC 21, 2024: THE Ministry of Mines is set to organize a landmark roadshow in Porbandar, Gujarat on 21st December 2024, to highlight India's maiden e-auction of Offshore Areas Mineral Blocks. This initiative marks a significant step towards unlocking the vast undersea mineral wealth within the country's Exclusive Economic Zone (EEZ).

The event will be chaired by Secretary, Ministry of Mines, V.L. Kantha Rao and will be attended by IAS, Commissioner, Geology and Mines, Gujarat, Dhaval Patel alongside several esteemed dignitaries and industry leaders. Prominent companies from the mining, cement, and infrastructure sectors are expected to participate, underscoring the growing interest in this transformative opportunity.

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 3 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 28th November 2024. A total of 13 mineral blocks have been identified for auction in this tranche, including:

3 Limemud blocks in Gujarat

3 Construction Sand blocks in Kerala

7 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.

The Ministry of Mines invites industry stakeholders to join this transformative event and explore unparalleled opportunities in offshore mineral exploration. 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/.\

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