India's 1st deep-sea mineral auction on hold: What's the reason
India has put its first-ever auction of 13 deep-sea mineral blocks on hold after barely any companies showed interest.
These underwater sites in the Arabian and Andaman Seas contain minerals like cobalt, copper, manganese, and nickel—super important for EVs, clean energy tech, and defense.
Even after extending the original February 27, 2024 deadline a few times, there just weren't enough takers.
Concerns about environmental impact and business
This isn't just about business—industry leaders had questions about how the auction worked, while coastal communities in Kerala worried about possible environmental damage.
The government is hitting pause to sort out these concerns and hopefully get more people on board.
This auction is part of India's big push to secure critical minerals at home instead of relying on imports from places like China—key for building a greener future and boosting tech independence.
Balancing resource needs with protecting the planet is proving trickier than expected.