New Delhi: In a major overhaul of the method for allocating offshore mineral assets, the ministry of mines has launched a complete set of draft guidelines beneath the Offshore Areas Mineral (Growth & Regulation) Act, 2002.
This transfer comes after the current modification to the Act on August 17, 2023, which goals to modernize and regulate the extraction of mineral assets within the nation’s territorial waters, continental shelf, unique financial zone, and different maritime zones.
The newly revealed draft offshore areas mineral public sale guidelines are modeled on the Mineral (Public sale) Guidelines, 2015, and introduce a clear, non-discretionary public sale course of for granting working rights in offshore areas.
The important thing highlights embrace the introduction of a web-based digital public sale course of for allocating composite licenses and manufacturing leases. The principles additionally set up a framework for upfront funds for manufacturing leases, calculated because the decrease of 0.50% of the estimated useful resource worth or INR 100 crore, payable in a structured method to the Central Authorities.
Moreover, the principles specify efficiency safety necessities, setting the quantity because the decrease of 0.50% of the estimated useful resource worth or ₹100 crore for manufacturing leases, and 0.25% of the estimated useful resource worth or ₹50 crore for composite licenses. The principles additionally cap the online value necessities for public sale individuals based mostly on the estimated useful resource worth in every block, making certain a strong and truthful bidding course of.
Complementing these public sale guidelines, the Ministry has additionally drafted the Offshore Areas Existence of Mineral Assets Guidelines, which set out norms for exploring varied sorts of minerals and deposits. These norms stipulate {that a} block should bear at the least G2 stage of exploration (Normal Exploration) to be thought-about for public sale for a manufacturing lease. For sure minerals like Development Grade Silica Sand and Lime Mud or Calcareous Mud, the public sale course of will be initiated on the G3 stage of exploration. For the grant of composite licenses, a block must be explored as much as the G4 stage of exploration or have recognized mineral potentiality.Moreover, the ministry of mines is within the technique of growing extra laws beneath the OAMDR Act, together with the Offshore Areas Mineral Conservation and Growth Guidelines, Offshore Areas Mineral Concession Guidelines, and Offshore Areas Mineral Belief Guidelines.
