News > Govt plans to auction offshore mineral blocks in 2-3 months: G Kishan Reddy

Govt plans to auction offshore mineral blocks in 2-3 months: G Kishan Reddy

The Offshore Areas Mineral Act amendment enables auctioning for production leases. Offshore minerals are located deep within the earth's crust and are difficult to extract compared to onshore minerals. India's offshore mineral reserves include gold, diamond, copper, nickel, cobalt, copper, manganese, and rare earth elements. The offshore auctions will help increase the availability of these minerals in India and reduce dependence on imports.