India to offer 100 mineral blocks for exploration to pvt firms

Mines Ministry has identified 100 mineral blocks for exploration, which will be offered to the private sector once the government notifies the National Mineral Exploration Policy (NMEP).
"In exploration, Centre, States and Geological Survey of India (GSI) are doing a commendable job. GSI identified 100 blocks and has given it to Mines Ministry. Going ahead when NMEP comes, we will offer it to the private sector too," Steel and Mines Minister Narendra Singh Tomar told reporters here.
He said exploration should not be viewed based on the market conditions.
"We should complete our exploration work so that in future when the need arises, we are prepared. I want that in coming time we should not wait for exploration and all the agencies whether under Centre or State should strive to fulfill the goal of exploration," he added.

Tomar also launched 'Operation Khanij Khoj' of GSI and received the GSI report of 100 mineral blocks for regional exploration during 55th Central Geological Programming Board (CGPB) meeting here today.
The Operation is to be implemented in two selected areas in the country. It is focused on probing deep seated/concealed mineral deposits.

Characterising India's geological cover, investigating the lithospheric architecture, resolving 4D geodynamic and metallogenic evolution as well as detecting and characterising digital footprints of ore deposits, would be main components of this initiative.
Mines Secretary Balvinder Kumar said the draft NMEP has been finalised and it outlines a slew of measures for accelerating mineral exploration in the country.

One of the important features in NMEP is attractive provisions for private investment in the exploration sector, he added.
NMEP proposes that private entities engaged to carry out regional and detailed exploration will get a certain share in revenue (by way of royalty/ premium to be accruing to state government) from mining operation from the successful bidder after e-auction of mineral block discovered by that private explorer.
The revenue-sharing could be either in the form of a lump sum or an annuity, to be paid throughout the period of mining lease , with transferable rights.
Selection of private explorer is proposed to be done through a transparent process of competitive bidding through e-auction. For this, reasonable areas/ blocks for regional exploration will be earmarked/ identified by the Government for auctioning.

Kumar informed that 6,000 geological reports are being digitised by GSI and would be put in the public domain in the next two months.
Besides, work on the aero geophysical survey of 8 lakh sq km area is being done. A consultant will be appointed by next week and in next 3 months a tender floated for the survey, he added.