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Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023
August 6 , 2023
351 days
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- The Parliament passed the Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023.
- It introduces a paradigm shift in the allocation process, ushering in transparency, competitiveness, and prolonged tenure for private sector involvement.
- The Private sector entities will be granted two distinct types of operating rights through a process of auction via competitive bidding.
- The bill also reserves the allocation of operating rights for Atomic Minerals exclusively to Public Sector Undertakings (PSUs).
- Geological Survey of India has delineated the resources of the following minerals in the offshore areas:
- 1,53,996 million tons of lime mud within the EEZ off Gujarat and Maharashtra coasts.
- 745 million tons of construction-grade sand off Kerala coast.
- 79 million tons of heavy mineral placers in the inner-shelf and mid-shelf off Odisha, Andhra Pradesh, Kerala, Tamil Nadu and Maharashtra.
- Phosphorite in the Eastern and Western continental margins.
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