GoI Introduced Rules for Offshore Minerals Ahead of the Auctions.

National

In a bid to kick-start the nation’s offshore mineral auctions, the Centre has introduced the Offshore Areas (Existence of Mineral Resources) Rules, 2024. This comprehensive regulatory framework mandates rigorous exploration standards to ensure accurate assessment and sustainable development of offshore mineral resources. According to the new rules dated June 6, a minimum of general exploration (G2) is required to grant mining leases, while general exploration (G4) is necessary for obtaining composite licences. These standards are designed to provide a clear and structured approach to evaluating the presence and potential of mineral resources before advancing for extraction.


      The new regulations come shortly before the Centre’s scheduled launch of the inaugural round of offshore mineral auctions.

      Former Union Minister Pralhad Joshi had told Business Standard in March about plans to auction the first batch of offshore mineral blocks by June-July of this year.

     

 

     


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