The Central Government has introduced the Offshore Areas (Existence of Mineral Resources) Rules, 2024, under the authority of the Offshore Areas Mineral (Development and Regulation) Act, 2002.
About the rules:
- These rules establish specific exploration norms for all minerals, including rare earth elements (REE), but exclude mineral oils, hydrocarbons, and minerals listed in Part B of the First Schedule to the Mines and Minerals (Development and Regulation) Act, 1957.
- They outline the stages of exploration, feasibility studies, economic viability assessments, and the classification of mineral resources and reserves.
About Offshore Mining:
- Offshore mining refers to the process of extracting mineral deposits from the deep seabed, typically at depths exceeding 200 meters.
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