National Mineral Exploration Policy (Non-Fuel and Non-Coal Minerals) 2016
In a bid to attract private investments including foreign direct investment into the business of mineral exploration, the government cleared a new National Mineral Exploration Policy (NEMP). It policy allows for making the basic geoscience data, a pre-requisite for investments in the sector, to be made publicly available
The Union Cabinet has approved the National Mineral Exploration Policy (NMEP). The NMEP primarily aims at accelerating the exploration activity in the country through enhanced participation of the private sector. There is a need for comprehensive mineral exploration of the country to uncover its full mineral potential so as to put the nation's mineral resources (non-fuel and non-coal) to best use and thereby maximize sectoral contribution to the Indian economy. The policy emphasizes on making available baseline geoscientific data of world standards in the public domain, quality research in a public-private partnership, special initiatives for search of deep-seated and concealed deposits, quick aerogeophysical surveys of the country, and creation of a dedicated geoscience database etc.
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The Ministry of Mines will carry out auctioning of identified exploration blocks for exploration by private sector on revenue sharing basis in case their exploration leads to auctionable resources. The revenue will be borne by the successful bidder of those auctionable blocks.
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If the explorer agencies do not discover any auctionable resources, their exploration expenditure will be reimbursed on normative cost basis.
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Creation of baseline geoscientific data as a public good for open dissemination free of charge and the government will carry out a National Aerogeophysical Program for acquiring state-of-the-art baseline data for targeting concealed mineral deposits.
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A National Geoscientific Data Repository is proposed to be set up to collate all baseline and mineral exploration information generated by various central & state government agencies and also mineral concession holders and to maintain these on geospatial database.
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Government proposes to establish a not-for-profit autonomous institution that will be known as the National Centre for Mineral Targeting (NCMT) in collaboration with scientific and research bodies, universities and industry for scientific and technological research to address the mineral exploration challenges.
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Provisions for inviting private investment in exploration through attractive revenue sharing models.