New Delhi, Oct 13 (IANS) The Ministry of Mines on Tuesday organised an outreach programme here on the auction of offshore mineral blocks, providing a platform for prospective bidders and stakeholders to understand the two offered blocks in the Andaman Sea, the applicable policy and regulatory framework, the bidding process and the support available for exploration.
The Ministry has issued the Notice Inviting Tender (NIT) dated October 1 for the grant of operating rights for two offshore mineral blocks, Sewell Rise-01 and West Sewell Ridge-01.
Both blocks contain polymetallic nodules and crusts and are being offered for the grant of a Composite Licence. Sewell Rise-01 covers an area of 632 square kilometres, while West Sewell Ridge-01 covers 1,000 square kilometres, taking the total area offered for auction to 1,632 square kilometres. Polymetallic nodules and crusts contain minerals such as nickel, cobalt, copper, and manganese, which are important for various industrial applications and emerging technologies.
Mines Secretary Keshav Chandra underscored the importance of strengthening India’s mineral supply chains to support economic growth, technological advancement, the energy transition, and manufacturing competitiveness. He highlighted the potential of the Critical Mineral Processing Park coming up on the eastern coast of India to support offshore mineral processing.
Additional Secretary, Ministry of Mines, Veena Kumari Dermal, highlighted the policy reforms undertaken to facilitate the transparent and responsible development of India’s offshore mineral resources. Taking stakeholder feedback into account, the ministry has revised block configurations, including increasing the area of polymetallic nodule and crust blocks to provide greater operational flexibility for offshore exploration.
She also noted that the Terms of Reference and Guidelines for Baseline Environmental Data Collection and Environmental Management Plans for offshore mineral exploration and exploitation in India’s Exclusive Economic Zone have been circulated to the concerned Central Ministries and Departments for comments and will be finalised shortly.
The Geological Survey of India (GSI) presented an overview of the offshore mineral blocks, including their geological characteristics and mineral potential. SBI Capital Markets Limited (SBICAPS), the Transaction Advisor, outlined the policy framework, auction process, tender provisions, and bidding requirements. MSTC, the auction platform provider, demonstrated the step-by-step procedure for purchasing tender documents and submitting bids through the e-auction portal.
The National Mineral Exploration and Development Trust (NMEDT) presented the scheme for partial reimbursement of exploration expenses for Composite Licence holders of offshore mineral blocks. The presentation outlined the support available to facilitate exploration activities.
An open-house discussion enabled participants to interact with the ministry and the organisations involved in the auction. Prospective bidders and other stakeholders sought clarifications and shared their views on the blocks, tender conditions, auction procedures and exploration-related support.
The sale of tender documents commenced on October 1. The pre-bid conference is scheduled for November 4, and the last date for submission of queries is November 13. Tender documents may be purchased up to December 21, while the last date for submission of bids is December 28.
The Notice Inviting Tender and related auction documents are available on the MSTC e-auction portal: https://www.mstcecommerce.com/auctionhome/mlcln/index.jsp
–IANS
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