Syllabus: GS-I, Subject: Geography, Topic: Resources – World and India, Issue: Offshore mineral auctions
Context: The first tranche of off- shore minerals auctions is likely to start this year.
Offshore mineral auctions:
- Offshore minerals are located deep in the earth’s crust and are more difficult to extract than onshore minerals.
- India’s offshore mineral reserves include gold, diamond, copper, nickel, cobalt, copper, manganese, and rare earth elements.
| Offshore Areas Mineral (Development and Regulation) Act, 2002
Objective: To provide a framework for the development and regulation of mineral resources in India’s maritime zones. ● Applicability: The Act applies to all minerals in these maritime zones, excluding mineral oils and hydrocarbons. ● Granting Operating Rights: Establishes a system for granting reconnaissance permits, exploration licences, and production leases for exploration and extraction of minerals. ● Reservation of Areas: Allows the government to reserve specific areas for specific purposes, such as scientific research or defence. ● Powers of the Central Government: ○ Make rules for carrying out the provisions of the Act. ○ Grant, modify, suspend, or cancel operating rights. ○ Collect fees and royalties from permit and licence holders.
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