| Syllabus: GS-III, Subject: Economy Topic: Investment models, Issue: Offshore Areas Mineral Trust (OAMT) fund. |
Context: The Centre plans to set up an Offshore Areas Mineral Trust (OAMT) fund.
Offshore mining or deep-sea mining:
- refers to the process of retrieving mineral deposits from the ocean bed lying below 200 metres.
- The ministry of mines has identified around 35 offshore mineral blocks on both the East and West coast.
- Offshore Areas Mineral (Development and Regulation) Act, 2002 was enacted to regulate mining in maritime zones of India.
Offshore Areas Mineral Trust (OAMT) fund:
- Funded by charging 10% of the royalty paid on the sales of minerals.
- Will support activities for the
- benefit of project-affected persons,
- promoting R&D and exploration activities for offshore minerals.
- Set up on the lines of National Mineral Exploration Trust (NMET).
Offshore Areas Mineral (Development and Regulation) Act, 2002
- Regulates development and management of mineral resources in India’s territorial waters, continental shelf, exclusive economic zone, and other maritime zones.
Key provisions:
- Applicability: Covers all minerals in these maritime zones except mineral oils and hydrocarbons.
- Permissions: Mandates permits, licences, or leases for initial survey, exploration or production activities.
- Granting Authority: The Central Government
- Area Management: Allows reservation of specific areas and empowers the government to close certain zones if necessary.
Prelims Connect
| National Mineral Exploration Trust
● Non-profit trust set up by the Government of India in 2015 . ● Function: Promotes regional and detailed exploration of minerals in India ● Funding: Receives 2% of the royalty paid by the holder of a mining lease. |
