You are here: Home » PTI Stories » National » News
Business Standard

Govt incentivises mining exploration, engages SBI caps

Press Trust of India  |  Kolkata 

To make exploration more attractive for private players, the mining ministry has decided to incentivise exploration and has engaged Caps for empanelment of private players for the activity.

"We are going to offer incentives for finding viable reserve and the same will be either 0.05 per cent of resource value or 10 times of the annual retention fee which ever is higher," Mines Secretary Balvinder Kumar told PTI.



Advertisement seeking exploration companies for empanelment would be released soon, he said.

Out of 100 mineral blocks of Geological Survey of India, 22 have been earmarked for the private sector. While, 30 blocks will be explored by Mineral Exploration Corporation Ltd, 18 would be done by state owned agencies and rest 30 by GSI themselves, Kumar said.

Government will reimburse the costs to exploration firms that fail to find mineral wealth from the National Mineral Exploration Trust while, offering them a share of the revenue from blocks where they strike extractable reserves.

However, the exploration firms will not enjoy any preferential right to the blocks where they find viable mineral reserves.

The relaxation from the defence ministry in amending approval system will benefit the government's new mineral exploration policy under which it proposes to offer vast area for exploration.

"Earlier, there were restrictions in putting certain geological data on public domain which are now relaxed, helping exploration in a bigger way," a GSI official said.

Kumar said so far 16 mineral blocks with estimated resource value of Rs 17,000 crore had been auctioned and by this year the target is for total 50 blocks and in the next fiscal, government aims to put another 100 blocks under the hammer.

He said for sustainable mining in the country, star rating had been introduced but the same will be based on self-certification.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Govt incentivises mining exploration, engages SBI caps

To make exploration more attractive for private players, the mining ministry has decided to incentivise exploration and has engaged SBI Caps for empanelment of private players for the activity. "We are going to offer incentives for finding viable reserve and the same will be either 0.05 per cent of resource value or 10 times of the annual retention fee which ever is higher," Mines Secretary Balvinder Kumar told PTI. Advertisement seeking exploration companies for empanelment would be released soon, he said. Out of 100 mineral blocks of Geological Survey of India, 22 have been earmarked for the private sector. While, 30 blocks will be explored by Mineral Exploration Corporation Ltd, 18 would be done by state owned agencies and rest 30 by GSI themselves, Kumar said. Government will reimburse the costs to exploration firms that fail to find mineral wealth from the National Mineral Exploration Trust while, offering them a share of the revenue from blocks where they strike ... To make exploration more attractive for private players, the mining ministry has decided to incentivise exploration and has engaged Caps for empanelment of private players for the activity.

"We are going to offer incentives for finding viable reserve and the same will be either 0.05 per cent of resource value or 10 times of the annual retention fee which ever is higher," Mines Secretary Balvinder Kumar told PTI.

Advertisement seeking exploration companies for empanelment would be released soon, he said.

Out of 100 mineral blocks of Geological Survey of India, 22 have been earmarked for the private sector. While, 30 blocks will be explored by Mineral Exploration Corporation Ltd, 18 would be done by state owned agencies and rest 30 by GSI themselves, Kumar said.

Government will reimburse the costs to exploration firms that fail to find mineral wealth from the National Mineral Exploration Trust while, offering them a share of the revenue from blocks where they strike extractable reserves.

However, the exploration firms will not enjoy any preferential right to the blocks where they find viable mineral reserves.

The relaxation from the defence ministry in amending approval system will benefit the government's new mineral exploration policy under which it proposes to offer vast area for exploration.

"Earlier, there were restrictions in putting certain geological data on public domain which are now relaxed, helping exploration in a bigger way," a GSI official said.

Kumar said so far 16 mineral blocks with estimated resource value of Rs 17,000 crore had been auctioned and by this year the target is for total 50 blocks and in the next fiscal, government aims to put another 100 blocks under the hammer.

He said for sustainable mining in the country, star rating had been introduced but the same will be based on self-certification.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Govt incentivises mining exploration, engages SBI caps

To make exploration more attractive for private players, the mining ministry has decided to incentivise exploration and has engaged Caps for empanelment of private players for the activity.

"We are going to offer incentives for finding viable reserve and the same will be either 0.05 per cent of resource value or 10 times of the annual retention fee which ever is higher," Mines Secretary Balvinder Kumar told PTI.

Advertisement seeking exploration companies for empanelment would be released soon, he said.

Out of 100 mineral blocks of Geological Survey of India, 22 have been earmarked for the private sector. While, 30 blocks will be explored by Mineral Exploration Corporation Ltd, 18 would be done by state owned agencies and rest 30 by GSI themselves, Kumar said.

Government will reimburse the costs to exploration firms that fail to find mineral wealth from the National Mineral Exploration Trust while, offering them a share of the revenue from blocks where they strike extractable reserves.

However, the exploration firms will not enjoy any preferential right to the blocks where they find viable mineral reserves.

The relaxation from the defence ministry in amending approval system will benefit the government's new mineral exploration policy under which it proposes to offer vast area for exploration.

"Earlier, there were restrictions in putting certain geological data on public domain which are now relaxed, helping exploration in a bigger way," a GSI official said.

Kumar said so far 16 mineral blocks with estimated resource value of Rs 17,000 crore had been auctioned and by this year the target is for total 50 blocks and in the next fiscal, government aims to put another 100 blocks under the hammer.

He said for sustainable mining in the country, star rating had been introduced but the same will be based on self-certification.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard