India Extends Auction of Deep-Sea Blocks Containing Critical Minerals
India has decided to extend the auction of deep-sea blocks containing critical minerals until May 1, according to a spokesperson at India’s Ministry of Mines. This move comes as India aims to secure minerals essential for electric vehicle batteries and other products.
China, a major global producer of critical minerals, has recently limited exports of these minerals amid trade tensions with the United States. As a result, India has taken steps to explore and extract these minerals domestically.
Auction Details
In November, India launched the first tranche of an auction consisting of 13 offshore deep-sea mineral blocks. These blocks include minerals such as cobalt, copper, manganese, and nickel, crucial for various industries.
The initial bid deadline of February 27 was extended to April 2, and now further extended to May 1 to accommodate companies interested in studying the blocks before submitting bids.
Despite opposition from some parties citing environmental concerns, the auction has continued with consultations with relevant ministries to address potential risks.
Challenges and Opportunities
India currently faces challenges in seabed mining expertise, prompting companies to seek technical assistance from experts like Dutch shipbuilder Royal IHC.
While onshore critical minerals auctions have faced limited success, India remains committed to accelerating seabed mineral exploration to support its energy transition goals. With plans to add 500 gigawatts of renewable energy by 2030 and achieve net zero emissions by 2070, securing a stable supply of critical minerals is crucial for India’s sustainable development.
Conclusion
India’s decision to extend the auction of deep-sea blocks containing critical minerals underscores its commitment to securing essential resources for its industrial and energy needs. By exploring domestic sources of these minerals, India aims to reduce its dependence on imports and drive sustainable growth in key sectors.
As the auction deadline approaches, stakeholders will closely monitor the bidding process and its outcomes, shaping India’s future resource strategy in the evolving global landscape.
(This article is based on information from Reuters)