India Poised to Lead in Offshore Mining
India is poised to become a leader in offshore mining, according to government officials. This comes as the country has amended its offshore mining legislation and is actively working on the necessary rules and regulations.
Offshore mining involves retrieving mineral deposits from the deep seabed, typically at depths exceeding 200 meters. This process involves extracting poly-metallic nodules, which contain valuable metals like nickel, cobalt, copper, titanium, and rare earth elements.
Veena Kumari D, Joint Secretary in the Ministry of Mines, stated that India has been actively working on offshore mining since August 2023. She believes that India's proactive approach will position the country as a leader in this emerging field, as not many other countries have made significant progress in offshore mining.
Mines Secretary V L Kantha Rao announced that the auction of offshore mines will commence within three months. This follows the amendment of the Offshore Areas Mineral (Development and Regulation) Act, 2002, which now allows for the auction of production leases for offshore minerals.
The government is currently formulating seven sets of rules under the Act to facilitate the auction of offshore mineral blocks. These rules will ensure responsible and sustainable mining practices. The government has already identified 15 blocks explored by the Geological Survey of India (GSI) for potential auction.
Offshore mining presents a unique opportunity for India to secure critical minerals essential for various industries, including renewable energy and electric vehicles. By taking a leadership role in this field, India can ensure a secure and sustainable supply of these critical resources.