First offshore mineral auction kicks off tomorrow; 13 blocks up for bidding

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First offshore mineral auction kicks off tomorrow; 13 blocks up for bidding - Business Standard

Quick Summary:

This auction is the latest in a series of steps following the Centre's onshore critical mineral auctions, which began in November 2023.

Composite licences for both exploration and production will last for three years, with private entities eligible to bid in a competitive auction for rights.

The rules prioritise government bodies, state-owned companies, and corporations in securing rights for offshore zones, with production leases for government entities lasting up to 50 years.