NATIONAL MINERAL EXPLORATION TRUST (NMET)

About:

• The Mines and Mineral (Development and Regulation) Act, 1957 as amended in 2015, has introduced transparent & competitive auction process for grant of mineral concessions.
  
  
• It also provided for establishment of National Mineral Exploration Trust (NMET) to give impetus to the mineral exploration activities.
  
  
• The holders of Mining Lease and Prospecting Licence-cum-Mining Lease make payments equivalent to 2% of royalty, for minerals under second schedule of the Act, as NMET contribution simultaneously with payments of the royalty.
  
  
• The NMET fund is being utilized to undertaking studies for mineral development; regional and detailed exploration with special emphasis to strategic and critical minerals.