The identified blocks include minerals such as gold, iron, tungsten, and few more. The revenue sharing may be either in form of a lump sum or an annuity, paid till the company’s mining lease expires
New Delhi : The mines ministry has finalised a draft National Mineral Exploration Policy (NMEP) which proposes allowing private companies to carry out mineral exploration, a government release said.
This is the first time that the government has made its intention clear on private investment in mineral exploration.
State-owned exploration body Geological Survey of India has identified 100 blocks that might be taken up by the private companies for exploration. The identified blocks include minerals such as gold, iron, tungsten, and few more.
“Private entities would be engaged to carry out regional and detailed exploration work with the right to a certain share in the revenue…from mining operation from the successful bidder after e-auction of mineral block discovered by that private explorer,” the release said.
The revenue sharing may be either in form of a lump sum or an annuity, paid till the company’s mining lease expires. Private explorers would be selected through competitive bidding through e-auction, the release said.
