Centre sweetens sops for exploring critical and strategic minerals
Strategic Minerals, Union Mines Minister G Kishan Reddy announced Monday. This decision was taken during 6th Governing Body meeting of the National Mineral Exploration Trust (NMET).
This not-for-profit trust operationalised by the union Mines Ministry is funded by levies on proceeds from sale of domestically produced minerals in the county. Its purpose is to encourage carrying out of regional and detailed exploration for augmentation of the country’s mineral resources.
An official statement said a 25% exploration incentive for agencies engaged in discovering Critical and Strategic Minerals will “significantly enhance exploration efforts in these vital areas, contributing to India's self-reliance in mineral resources.”
This incentive partially reimburses the expenses incurred in mineral exploration activities.
Besides support for critical minerals, the NMET Governing Body approved a revised scheme for Partial Reimbursement of Exploration Expenses, raising the reimbursement ceiling to Rs 8 crore for Composite License (CL) holders.
For Junior Mining Companies, Reddy has endorsed a new reimbursement scheme, offering up to Rs 20 crore for Exploration License (EL) holders, the statement added.
In order to increase mineral exploration in left wing extremism affecting districts, NMET already offers 1.25 times the standard Schedule of Charges for fieldwork. The Mines Ministry is also extending support by facilitating Artificial Intelligence, automation, and drone technology for micro, small and medium enterprises
