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India's Upper House has passed an amendment bill to the Offshore Areas Mineral (Development and Regulation) Act paving the way for extraction of minerals in offshore areas. The amendment bill, which aims to establish a fair and transparent mechanism to allocate the operating rights for offshore mineral extraction is aimed at removing the impasse in the sector. The amendment aims to introduce a composite licence, which is a two-stage operating right granted for the purpose of undertaking exploration followed by production operation.

Lok Sabha has passed a bill that paves the way for mining offshore minerals. The Offshore Areas Mineral (Development and Regulation) Act of 2002 aims to allocate operating rights to extract resources in a "fair and transparent" way. It also aims to prevent pollution and to mitigate the impact of mining offshore on the marine environment.

A bill to provide a fixed 50-year production lease for offshore minerals was passed by Lok Sabha on Tuesday amid protests by the opposition over the situation in ethnic-violence hit Manipur. Replying to a brief discussion in the House, Coal and Mines Minister Pralhad Joshi said under the Offshore Areas Minerals (Development and Regulation) Amendment) Bill, 2023, the government seeks to introduce auction as the route to award production lease for offshore minerals.

Mines And Minerals Act: The Mines and Minerals (Development and Regulation) Amendment Bill was passed by the Lok Sabha to allow private companies to mine critical minerals such as lithium that were earlier restricted to state-owned enterprises. The private firms can now identify the areas they want to explore and mine as part of the proposed amendments.

The Mines and Minerals (Development and Regulation) Amendment Bill was passed by the Lok Sabha to allow private companies to mine critical minerals such as lithium that were earlier restricted to state-owned enterprises. The private firms can now identify the areas they want to explore and mine as part of the proposed amendments.