The Centre will incentivise companies engaged in discovering critical and strategic minerals, Union mines minister G Kishan Reddy said on Monday.
The decision was taken during the sixth governing body meeting of the National Mineral Exploration Trust (NMET).
The not-for-profit trust, operationalised by the mines ministry, is funded by levies on proceeds from sale of domestically produced minerals in the county. Its purpose is to encourage 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”.
The 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 ₹8 crore for composite licence holders.
(Source- The Economic Times)
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