Cabinet on Wednesday approved the National Mineral Exploration Policy that would create a path for auction of about 100 prospective mineral blocks. Also, it will enhance country’s mining potential.
The policy aims towards attracting private investments to the project of exploration sector.
Further, the Mines Ministry has notified the National Mineral Exploration Trust in order to increase mineral exploration in the country.
According to the authorities, the motive of the government is to engage private sector in exploration apart from, state-run GSI, MECL and other agencies.
To do so, the government has also made a provision according to which, private entities engaged in carrying out regional and detailed exploration would get a certain share in revenue which will be a pre priced amount which will be paid throughout the period of mining lease with transferable rights.
Selection of private explorer will be done through a transparent process of competitive bidding through e-auction. For this, reasonable areas or blocks for regional exploration will be earmarked or identified by the government for auctioning.