Offshore Mining: Relaxations on cards to bring small players to auction

In a bid to attract smaller players to the country's first offshore mining auction, the government is considering relaxing regulations on performance assurance and prepayment.

The proposed plan includes a ceiling of Rs 100 crore each for performance assurance and advance payment for a production lease (PL). A composite license (CL) holder has to pay only Rs 50 crore as performance bond. However, if the CL holder applies for a PL, this amount will be revised to Rs 100 crore. Notably, a composite license does not require an upfront payment.

For mining on land, the government applies

First print: December 31, 2023 | 6:22 PM IST