Union Minister of Coal, Mines and Parliamentary Affairs has urged the officials of the Ministry of Mines to bring about further momentum in restructuring the National Mineral Exploration Trust (NMET) as an autonomous body.
About National Mineral Exploration Trust (NMET)
- It was established by the Government of India in 2015, in pursuance of sub-section (1) of Section 9C of the Mines and Minerals (Development and Regulation) Act, 1957.
- The office of the Trust is situated in the Ministry of Mines, New Delhi.
- It has a two tier structure:
- The apex body is the Governing Body, chaired by the Honorable Minister of Mines. It holds the overall control of the Trust.
- The Executive Committee, chaired by Secretary, Ministry of Mines, administers and manages its activities.
- The NMET Fund receives money from holders of mining lease or a prospecting licence-cum-mining lease, an amount equivalent to two percent of royalty paid in terms of the Second Schedule of the MMDR Act.
- It supports regional and detailed mineral exploration in the country and other activities approved by the Governing Body, to achieve its objects.
- It is a body working to realize the mineral potential of the country in terms of mining activity and contribute commensurately to the growth of national economy.
Need for restructuring National Mineral Exploration Trust (NMET)
- The Ministry pointed out that in a resource rich country like India all efforts should be made to give further fillip to mineral exploration so that imports can be curtailed.
- The Ministry stressed upon the need to focus on exploration of gold and rare earths along with other segments of India’s mineral exploration efforts.
- It is important to streamline the system of extending financial assistance to states, especially the mineral rich states for enhanced exploration.
Purpose of National Mineral Exploration Trust (NMET)
- The NMET fund is being utilized to:
- Undertaking studies for mineral development;
- Regional and detailed exploration with special emphasis to strategic and critical minerals;
- Aerial geophysical survey of obvious geological potential (OGP) and adjoining areas of India; and
- Sustainable mining with adoption of advanced scientific and technological practices and mineral extraction metallurgy.
- It also facilitates exploration activities in such a manner that areas explored can be taken up for grant of mineral concessions in accordance with the provisions of the Act.
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