Mineral exploration policy launched

mineral exploration policyThe Centre today launched national mineral exploration policy (NMEP) under which it has decided to award 100 blocks for private sector exploration through a revenue sharing model.

Under the new NMEP, the private sector explorer would be getting a certain share in the revenue – just like state governments receive their royalty – from the mining operation of the successful bidder who would be auctioned the explored block.

The identified blocks include a total area of around 12,000 square kilometres which have the prospects for gold, iron, tin, tungsten etc. The selection of the private explorer for each and every block would also be done through auction process only.

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