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Industry Specific-Mines Central Ministry of Mines Mines and Minerals (Development and Regulation) Act, 1957

Ministry of Mines issues Offshore Areas (Existence of Mineral Resources) Rules, 2024

06-Jun-2024 | CG-DL-E-07062024-254602

Ministry of Mines via notification dated 6th June 2024 in the Official Gazette has issued the Offshore Areas (Existence of Mineral Resources) Rules, 2024. The rules shall apply to all minerals except mineral oils and hydrocarbons described in sub-section (1) of section 3 of the Offshore Areas Mineral (Development and Regulation) Act, 2002. By virtue of this notification, following provisions have been introduced: 1. Rule 4 of the said rules provide an area shall be considered to be having existence of mineral resources in accordance with the second proviso of section 6 of the Offshore Areas Mineral (Development and Regulation) Act, 2002 if such area has at least General Exploration (G2) has been completed to establish Indicated Mineral Resource (332); and a geological study report has been prepared conforming to Part IV of Schedule- I. 2. Rule 5 of the said rules provides an area may be notified for auction to grant a composite licence in terms of section 12 of the Act, if, in respect of such area if at least Reconnaissance Survey (G4) has been completed to estimate Reconnaissance Mineral Resource (334) or mineral potentiality of the mineral block has been identified based on the available geoscience data but resources are yet to be established and a geological study report has been prepared conforming to Part IV of Schedule-I. 3. Rule 5 also provides that in order to identify mineral potentiality of an area based on the available geoscience data where resources are yet to be established, a committee shall be formed including a convenor, and a deputy director of Geological Survey of India and a chief mining geologist as members. 4. Schedule 1 of the said rules provide the stages of exploration along with definitions with explanations. For more information, please refer to the document attached hereby.

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