Key Points
The government is likely to introduce an amendment bill, which seeks to provide auction of minerals mined offshore, in the next Parliament session, sources said..
"The hurdle is that the original Act for offshore mining does not provide for auctions of minerals..
So the Act needs to be amended," the sources said...
"The consultations to amend the act are over and a bill is likely to be introduced in the forthcoming Monsoon session of Parliament," they said...
You might be interested in
Offshore mining to open up for private sector by December
04, Aug, 23The Rajya Sabha on Thursday passed the Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023, clearing the way for the auction
Rajya Sabha passes offshore mineral areas bill; private firms to benefit
03, Aug, 23The amendment has brought in a new composite licencing regime where an explorer would also have the right to develop and mine the mineral under a single licence .
Lok Sabha passes MMDR Amendment bill
28, Jul, 23The Mines and Minerals (Development and Regulation) Amendment Bill, 2023 has been passed by the Lok Sabha. This bill will give the Central government the power to exclusively auction mining leases and composite licences for 26 critical minerals in India. The amendment is aimed at encouraging private sector participation in the exploration of deep-seated minerals, which include nickel, platinum and tin-bearing minerals, as well as lithium, graphite and cobalt that are needed for electric vehicles and batteries. This is the fifth amendment to the MMDR Act since 2014.