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First auction in Offshore areas
December 5 , 2024
21 days
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- The Ministry of Mines launched the first-ever auction of mineral blocks in India’s offshore areas.
- This initiative has opened up the nation’s territorial waters, continental shelf, exclusive economic zone (EEZ), and other maritime zones for the resource development.
- The first tranche of the auction will feature 13 mineral blocks strategically selected from the Arabian Sea and Andaman Sea.
- India’s EEZ, covering over 2 million square kilometres, is believed to hold vast untapped mineral reserves, including critical materials such as cobalt, nickel, rare earth elements (REE), and polymetallic nodules.
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