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27.11.24 17:12

Society

India embarks on historic undersea mineral auction to harness vast offshore resources

Key resources include polymetallic nodules, cobalt, nickel, rare earth elements, and construction materials like lime mud and sand

India will host its first auction of offshore mineral blocks, an initiative of the Ministry of Mines. This step propels the nation into the realm of undersea resource exploration, tapping into the immense potential of its territorial waters, continental shelf, and expansive Exclusive Economic Zone (EEZ).

Spanning over 2 million square kilometres, India's EEZ is a source of high-value minerals critical to industrial progress and the green energy revolution. Key resources include polymetallic nodules, cobalt, nickel, rare earth elements, and construction materials like lime mud and sand. This is reported by IANS, a partner of TV BRICS.

This auction is not only aimed at diversifying India’s mineral sources but also at reducing dependency on imports and reinforcing the resilience of its supply chains amid a global demand surge.

The initiative follows key amendments to the Offshore Areas Mineral (Development and Regulation) Act, 2002, introduced in August 2023. These legislative changes simplify the allocation of production leases and composite licences for mineral exploration and extraction, streamlining India’s foray into offshore resource development.

The Ministry of Mines sees this initiative as a transformative leap, aimed at integrating advanced technologies, encouraging private-sector collaboration, and establishing sustainable practices in resource utilisation.

Photo: iStock

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BRICS News Digest for the previous week

Liao Fan

Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS)

"We also encourage countries of the Global South to work together and contribute to the global economy. We also call on developed countries to set aside issues such as national security and strategic competition when we are discussing real global challenges – pressing issues such as public health or poverty reduction – so that development resources can be channelled truly effectively to those countries that need them. [...] Major powers and large countries must bear greater responsibility for the well-being of people around the world. This is the responsibility of the major powers"

Anutin Charnvirakul

Prime Minister of Thailand

"Russia has been a trusted friend of Thailand for over a century. […] Next year, we will mark the 130th anniversary of the establishment of diplomatic relations between our countries. We will commemorate this important milestone with high-level exchanges, thereby reaffirming our shared commitment to an even stronger partnership for the benefit of our peoples"

Ferdinand Marcos

President of the Republic of the Philippines

"First, peace, security and stability. [...] We need our joint efforts to contribute to peace and security and to respond promptly to all threats. Second, a more dynamic economic partnership. Our areas of cooperation in trade are developing. We need to act more ambitiously and decisively in order to facilitate trade, economic flows and the expansion of the business community. [...] And third, perhaps one of the most important areas, is our peoples, grants, student exchanges, academic partnerships and tourism. [...] The relationships that are being built between our countries are reflected in the summit declaration, and they provide what policy alone cannot achieve"

Anwar Ibrahim

Prime Minister of Malaysia

"The relations in the last few years have been remarkable. We have seen impressive development, and my visit was – you were fantastic. We see the enormous role that Russia can play not only in Malaysia but also in the developing world, ASEAN and the rest. We are exploring this halal economy and finance. We are now almost finishing the visa abolition arrangement. [...] And then you have also agreed to these flights for tourism, for trade, and connectivity between Malaysia, Moscow, Kazan, and other cities in Russia"

Vladimir Putin

President of the Russian Federation

"This forum, which has brought together leading representatives of the business communities of our country and the ASEAN member states in the hospitable capital of Tatarstan, Kazan, is of particular importance. This year marks the 35th anniversary of Russia–ASEAN relations. During this period, we have accumulated substantial experience in multifaceted cooperation, established strong ties, including between the Association’s Business Advisory Council and the Russia–ASEAN Business Council, and created a solid foundation for the future"

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India embarks on historic undersea mineral auction to harness vast offshore resources

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