The Central Government introduced these rules by exercising powers conferred by Offshore Areas Mineral (Development and Regulation) Act, 2002.
- The Act provides for development and regulation of mineral resources in the territorial waters, continental shelf, exclusive economic zone and other maritime zones of India.
About rules
- Rules shall apply to all minerals except
- On mineral oils and hydrocarbons.
- On minerals specified in Part B of the First Schedule to the Mines and Minerals (Development and Regulation) Act, 1957
- It defines the stages of exploration, feasibility studies, economic viability assessments, and classification of mineral resources and reserves.
Offshore mining
- It is the process of retrieving mineral deposits from the deep seabed, at a depth of more than 200 metres.
Significance of Offshore Mining for India
- India's offshore mineral reserves include gold, diamond, copper, nickel, cobalt, copper, manganese, and rare earth elements essential for development.
- India’s Exclusive Economic Zone (EEZ) of over two million square kilometers holds significant recoverable resources.
- Offshore mining will increase the availability of minerals and reduce dependence on imports.
Challenges
Lack of private participation, requirement of high skilled labour, require high capital, etc.
Types of resources that can be mined from the deep sea
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