India has initiated its first-ever auction of 13 offshore mineral blocks, aiming to secure its position as a global leader in the critical minerals market. The move is a significant step towards leveraging the nation’s undersea resources for industrial and green energy development.
Auction Details
The auction covers mineral blocks located in the Arabian Sea and Andaman Sea, including:
- Polymetallic nodules and crusts: Seven blocks containing cobalt, manganese, and nickel.
- Construction sand: Three blocks.
- Lime mud: Three blocks.
These blocks are strategically located off the coasts of the Great Nicobar Islands, Kerala, and Gujarat.
Strategic Goals and Impacts
India’s Exclusive Economic Zone (EEZ), spanning over 2 million square kilometers, holds abundant mineral resources essential for:
- Green energy transition.
- High-tech manufacturing.
- Infrastructure development.
Through this initiative, India aims to:
- Reduce its dependence on imports.
- Stabilize its supply chains.
- Support the industrial and renewable energy sectors.
Minister for Mines, G Kishan Reddy, called the auction a “historic step” toward harnessing undersea resources, highlighting its potential to establish India as a leader in critical minerals while driving its self-reliance and energy transition goals.
Economic and Environmental Debate
- Supporters: Argue that deep-sea mining is essential to meet the growing demand for minerals critical to clean energy technologies.
- Opponents: Raise concerns about environmental impacts and question the long-term economic benefits.
Timeline
Bidders have until February 2025 to submit their proposals, setting the stage for a pivotal development in India’s mineral exploration efforts.
This auction underscores India’s commitment to tapping undersea resources while balancing its industrial ambitions with environmental challenges.
