Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi 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.
Daily Current Affairs Quiz 2021
The Mines and Mineral (Development and Regulation) Act, 1957 as amended in 2015, has introduced transparent & competitive auction process for grant of mineral concessions.
It also provided for establishment of National Mineral Exploration Trust (NMET) to give impetus to the mineral exploration activities.
The holders of Mining Lease and Prospecting Licence-cum-Mining Lease make payments equivalent to 2% of royalty, for minerals under second schedule of the Act, as NMET contribution simultaneously with payments of the royalty.
The NMET fund is being utilized to undertaking studies for mineral development; regional and detailed exploration with special emphasis to strategic and critical minerals.
