For the country s maiden offshore mineral mining auction, the Centre is planning to relax the rules on the number of chances for bidding.
Under the newly announced draft Offshore Areas Mineral (Auction) Rules and Offshore Areas (Existence of Mineral Resources) Rules, the ministry of mines is planning to offer three chances to potential bidders in its forthcoming inaugural offshore mining auction.
If a single bid is not received during the second attempt, the plan is to initiate a new round of bidding for the third time.
Ministry Of Mines: This move comes after the recent amendment to the Act on August 17, 2023, which aims to modernize and regulate the extraction of mineral resources in the country s territorial waters, continental shelf, exclusive economic zone, and other maritime zones.
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