Indian firms look to Dutch Royal IHC in order to explore deep sea mineral deposits
Two sources have confirmed that Indian mining and cement firms approached Dutch shipbuilder Royal IHC to ask for assistance in preparing bids for deep sea mineral blocks.
India held its first auction of 13 deep-sea offshore mineral blocks in November. These included three construction sand and lime mud blocks as well as seven polymetallic blocks.
The blocks are rich in minerals such as cobalt and copper. They also contain manganese and nickel which is vital for solar panels and electric vehicles.
The first auction tranche is expected to end by the end March.
Experts say that India, unlike countries such as China, is not ready to mine the ocean floor due to its lack of expertise in seabed mining.
India, which is the fastest growing major economy in the world, wants to increase seabed mineral exploration, anticipating a surge of demand. This will boost the supply and quality of raw materials for energy transition technologies.
India, which is the third largest emitter of greenhouse gasses in the world, plans to increase its renewable energy capacity by 500 gigawatts by 2030. This will be an increase from 165 GW at present. It also wants to achieve net zero emissions by 2020.
One source said that IHC helped Indian companies with their knowledge of mining techniques, and also in estimating costs of extracting minerals from offshore blocks.
Source: "The company is open to providing mining machinery to its customers should the need arise."
The discussions were kept confidential, so both sources declined to identify themselves.
Royal IHC refused to respond to an email seeking comment from the Indian Ministry of Mines.
According to a second source, 14 foreigners, including those from France, Namibia and the Netherlands as well as Sweden, participated in a virtual seminar sponsored by the government, which was designed to explain the opportunities for offshore mining in India.
Sources said that India also offers financial incentives for miners to take part in its first attempt at exploring seabed minerals.
New Delhi's onshore critical mineral auction has been a failure, with only half of the 48 blocks being awarded to successful bidders. (Reporting and editing by Mayank Bhhardwaj, David Evans and Neha Arora)
(source: Reuters)
