Recently, the Government of India has sanctioned ₹154.84 crore to National Mineral Exploration Trust (NMET) for mineral exploration and boosting capabilities.
About the ‘National Mineral Exploration Trust’ –
- NMET is a Trust set up as a non-profit body by the Central Government for the purposes of regional and detailed exploration of minerals using the funds accrued to it and in such manner as prescribed by the Central Government.
- Act — The Mines and Minerals (Development & Regulation) Amendment Act, 2015, (MMRDA) mandated the setting up of the NMET.
- Structure — NMET has a two-tier structure.
- The apex body is the Governing Body, chaired by the Hon’ble Minister of Mines. It holds the overall control of the Trust.
- The Executive Committee, chaired by the Secretary, Ministry of Mines, administers and manages its activities.
- Funding — To implement mandated activities an NMET Fund has been established. The NMET Fund receives money from holders of mining lease or a prospecting license-cum-mining lease, an amount equivalent to two percent of royalty paid in terms of the Second Schedule of the MMDR Act.
Functions of NMET –
- funding special studies and projects designed to identify, explore, extract, beneficiate and refine deep-seated or concealed mineral deposits;
- undertaking studies for mineral development, sustainable mining, adoption of advanced scientific and technological practices and mineral extraction metallurgy;
- detailed and regional exploration for strategic and critical minerals
- facilitating geophysical, ground and aerial survey and geochemical survey of obvious geological potential areas and rest of India;
- capacity building of personnel engaged in mineral exploration
- facilitating a national core repository for encouraging research in earth sciences and for evaluation of the mineral prospects.