Tepid use of funds accruing to NMET slows down mineral exploration

Though Rs 10.48 billion has been collected under NMET as on July end, fund utilisation remains slow, with only 62 projects having been sanctioned

Insufficient utilisation of funds accruing to the National Mineral Exploration Trust (NMET) has slowed the pace of mineral blocks exploration in the country.

Though Rs 10.48 billion (as on July end) has been collected under NMET, the fund utilisation remains slow. Only 62 projects have been sanctioned. NMET is a non-profit body set up by the Government of India to finance exploration projects. As per statute, every mine lease holder has to contribute to the NMET an amount equalling two per cent of the royalty.

What has vexed some mineral bearing states like Telangana and Chhattisgarh is the release of funds from