Rules notified under Offshore Areas Mineral (Development and Regulation) Act, 2002 aim at regulating exploration and production of minerals in specified offshore regions.
- This is significant in the backdrop of the planned first-ever offshore mineral auction of 10 blocks. These blocks will include sand, lime mud, and polymetallic nodules.
Key Highlights of Rules
- Applicability: All minerals in offshore areas, except Mineral oils and hydrocarbons and specified Atomic minerals
- Lease Surrender: Provides for surrender of lease after 10 years in case of uneconomic production operations.
- Provide for Priority access to government and government-owned companies, in case of operating rights for reserved offshore zones.
Offshore mining and its significance:
- Also called deep sea mining, Offshore mining is process of retrieving mineral deposits from deep seabed i.e. ocean below 200m.
- It will cater to increasing demand for metals in context of depleting terrestrial deposits and reduce dependence on mineral imports.
Issues/Challenges in offshore Mining:
- Potential environmental damage: Can endanger biodiversity by habitat destruction, underwater noise, and pollution.
- Impact on fishing communities: May harm fish populations, impacting livelihood of fishing communities.
- Technology: Lack of adequate R&D and technological development for deep-sea mining.
Initiatives taken for Offshore Mining:
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