India plans global pacts for processing offshore minerals

India is eyeing global partnerships for processing of minerals as it launched its first round of auctions for offshore mineral blocks Thursday. An official statement said this first tranche of auction includes 13 mineral blocks spanning across the Arabian Sea and Andaman Sea, featuring a mix of minerals, such as construction sand, lime-mud and polymetallic nodules and crusts.

This launch of auction was attended by representatives from South Korea, Indonesia, Netherlands, United Kingdom and Australia, besides State governments and private companies that may bid for these mines. Officials aware of the development said international cooperation for processing these offshore minerals is being sought.

These minerals are critical for infrastructure development, high-tech manufacturing and the green energy transition, the statement added. Prospective bidders can submit their bids by the February 2025-end. Speaking at the event, Union Minister of Coal and Mines, G. Kishan Reddy said the demand for critical minerals is set to increase many folds in India. He also said India will launch a National Critical Mineral Mission soon to strengthen supply chains.