The central government introduced the Offshore Areas Mineral Trust Rules, 2024, to oversee mineral exploration and production in India’s offshore areas.
As per the new rules, offshore mine holders have to contribute to the Trust by paying 10 per cent of their royalty payments to the government. This amount will be deposited into India’s public account.
The regulations also set specific exploration norms for different deposits and minerals, including construction-grade silica sand, non-construction-grade calcareous sand, calcareous mud, phosphatic sediments, etc.
The Ministry of Mines has identified 10 offshore mineral blocks for potential auction.
As per the rules, the main objective of the trust is to promote sustainable exploration.
