New Delhi, Dec 27 (IANS) The government on Friday said that 88 mineral blocks have been successfully auctioned in the current financial year (till December 10).
The successful auction of 24 critical mineral blocks in four tranches were completed by the central government in this period.
The National Mineral Exploration Trust (NMET) has approved 120 mineral exploration and procurement projects with an approved cost of Rs 609.54 crore.
“Amendment in the Second Schedule of the MMDR Act, 1957 was done to rationalise the royalty rate of 12 critical and strategic minerals,” informed the Ministry of Mines.
Last week, the ministry organised a webinar to showcase 13 mineral blocks in offshore areas of India that are being put up for e-auction in a landmark initiative aimed at tapping the vast undersea mineral wealth within the country’s Exclusive Economic Zone (EEZ).
The 13 offshore mineral blocks being auctioned include 3 Construction Sand blocks off the Kerala coast and 3 Limemud blocks off the Gujarat coast. Another 7 Polymetallic and Nodules and Crusts blocks off the Great Nicobar Islands also form part of the first tranche on offer.
A comprehensive walkthrough by MSTC of the e-auction platform showcased the seamless registration process and bid submission steps for potential participants, according to a statement issued by the Ministry of Mines.
With over 7,500 km of coastline and an EEZ spanning 2.3 million square km, India offers unparalleled opportunities for mineral exploration in the Indian Ocean, supporting both economic growth and sustainability goals, the Ministry said.
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.
The ministry was also awarded the First Position (Gold) for excellence in display in India International Trade Fair (IITF), 2024.
—IANS
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