Govt working towards making NMET autonomous body

The government has taken a review of the functioning of the National Mineral Exploration Trust (NMET) as part of efforts to make it an autonomous body and accessible to other explorers for efficient utilisation of funds. The objective of the NMET is to use the funds accrued to the Trust for the purposes of regional and detailed exploration in such manner prescribed by the Centre.

"Reviewed the structure and functioning of National Minerals Exploration Trust, alongwith officials of @MinesMinIndia. Deliberated on making NMET an autonomous body and making it accessible to other explorers for efficient utilisation of funds," Union coal and mines minister Pralhad Joshi said in a tweet. NMET has a two-tier structure. The apex body is the governing body, chaired by the minister of mines. It holds the overall control of the Trust. The Executive Committee, chaired by secretary, Ministry of Mines, administer and manage its activities. To implement mandated activities, an NMET Fund has been established. The NMET Fund receives money from holders of mining lease or a prospecting licence-cum-mining lease, an amount equivalent to two percent of royalty paid in terms of the Second Schedule of the MMDR Act.

The Trust supports regional and detailed mineral exploration in the country and other activities approved by the governing body, to achieve its objects. These objectives among others include special studies and projects to identify, explore, extract, beneficiate and refine deep seated and concealed mineral deposits; studies on mineral development; sustainable mining; mineral extraction; metallurgy adopting advanced scientific and technological practices..