Mines Ministry signs MoU with IEA on cooperation in area of critical minerals
The Ministry of Mines on Wednesday signed an MoU with the International Energy Agency (IEA) on cooperation in the area of critical minerals.
Government expects to collect around Rs.400-500 crore annually from contributions made to the National Mineral Exploration Trust (NMET), which will be utilised to boost exploration of minerals in the country.
NMET will utilise the funds primarily for the purpose of regional and detailed mineral exploration through special studies to identify, explore, extract, beneficiate and refine deep seated or concealed mineral deposits, a statement quoted Mines Secretary Balvinder Kumar as saying.
Speaking at the valedictory session of Metals, Metallurgy and Materials International Exhibition and Conference here, Kumar said in 2015-16, mineral production in India registered a 9 per cent growth and the country is almost self-sufficient in terms of mineral requirement.
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"NMET has been established wherein 2 per cent of the royalty from mine owners shall be dedicated for exploration. An amount of Rs.400-500 crore is expected to be collected," he said.
Another big initiative is the District Mineral Foundation (DMF). Generally, the mines are in forest areas and mineral exploration affects the local inhabitants, he added.
An amount of Rs.6,000 crore is expected to come into the DMF annually, Kumar noted.
Speaking on the success of conference, Udo Scheurtzmann, Director ITE India said that despite challenging situation in the metal sector, efforts of the industry and the Indian government is encouraging.
The global conference is a biennial B2B event that is organised by the Indian Institute of Metals in collaboration with conferences and fair organiser ITE Group, PLC.
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