The Ministry of Mines on June 06, 2024, issued the Offshore Areas (Existence of Mineral Resources) Rules, 2024.
This shall come into force on June 06, 2024.
The following shall be stated namely: -
• It shall apply to all minerals except mineral oils and hydrocarbons described in section 3 (1) of the Offshore Areas Mineral (Development and Regulation) Act, 2002, and minerals specified in Part B of the First Schedule to the Mines and Minerals (Development and Regulation) Act, 1957 (67 of 1957), having grade equal to or greater than the threshold value as notified by the Central Government from time to time.
• It states that an area shall be deemed to have mineral resources for granting a production lease if at least General Exploration (G2) has established Indicated Mineral Resource (332) and a geological study report conforming to Part IV of Schedule-I has been prepared.
• It states that an area shall be notified for auction to grant a composite license if at least a Reconnaissance Survey (G4) has estimated Reconnaissance Mineral Resource (334) or identified mineral potentiality based on available geoscience data, and a geological study report conforming to Part IV of Schedule-I has been prepared.
• It states that any person intending to obtain a composite license for an area shall submit a proposal to the administering authority, using the format in Schedule II, along with available geoscience data, to notify the area for auction to grant a composite license.
• It states that the committee shall recommend or reject the proposal within sixty days of receipt by the administering authority, which shall then notify the recommended area as suitable for auction within sixty days of the recommendation.
• It states that the administering authority, with prior approval from the Central Government, shall relax the exploration norms specified in Part III of Schedule I, in whole or in part, for any mineral or area, depending on the local geological setup, mode of occurrence, and nature of mineralization.
Kindly refer to the attached document for more details on Schedule I and Schedule II.
[Notification no. - G.S.R. 315(E)]
