Ahead of the first offshore mineral auction, the central government has introduced royalty rates for construction sand, polymetallic nodules, and overburden or waste—the key minerals to be extracted through offshore mining.
The rate for dolomite, limestone, and lime mud will also be revised. This comes as the Centre is preparing to bring 20 blocks for auction in the coming months.
The royalty rates, defined under the Offshore Areas Mineral (Development and Regulation) Act, 2002, were initially limited to a few core minerals, including brown ilmenite (leucoxene), ilmenite, rutile, zircon, dolomite, garnet, gold, limestone, lime mud, manganese ore, monazite, sillimanite, and silver.
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