India Pauses Offshore Mineral Auctions Over Tech Gaps
India will not revive offshore mining auctions soon due to technical gaps and low interest. The move follows the annulment of a major auction last December.
The government of India does not plan to revive its offshore mining rights auction in the near term, according to sources familiar with the matter. The decision reflects concerns regarding technological preparedness and the likelihood of a weak response from potential industry bidders.
In November 2024, the country announced its first auction of 13 offshore mineral blocks. This initial tranche comprised seven polymetallic nodules blocks, three lime mud blocks, and three construction sand blocks. These areas are rich in critical minerals such as Copper, cobalt, manganese, and nickel, all of which are vital for the manufacturing of solar panels and electric vehicle batteries. However, the government annulled the auction in December after repeated timeline extensions failed to generate sufficient interest.
