Cabinet has cleared the National Mineral Exploration Policy, NMEP, paving the way for auction of 100 prospective mineral blocks and boosting the country's mining potential. <br/><br/>The NMEP primarily aims at accelerating the exploration activity in the country through enhanced participation of the private sector. With the approval, the government can auction 100 blocks that have been identified by the Geological Survey of India for exploration.<br/><br/>The government wants to attract private sector in exploration through the mineral exploration policy. One of the important features of NMEP is attractive provisions for private investment in the exploration sector. <br/><br/>The Ministry of Mines will carry out auctioning of identified exploration blocks for exploration by private sector on revenue sharing basis in case their exploration leads to auctionable resources. The revenue will be borne by the successful bidder of those auctionable blocks.

Cabinet today cleared the National Mineral Exploration Policy, NMEP, paving the way for auction of 100 prospective mineral blocks and boosting the country's mining potential. Our correspondent quoting official sources reports, with the approval, the government can auction 100 blocks that have been identified by the Geological Survey of India for exploration.<br/><br/>The government wants to attract private sector in exploration through the mineral exploration policy. One of the important features of NMEP is attractive provisions for private investment in the exploration sector.<br/><br/>NMEP has proposed that private entities engaged in carrying out regional and detailed exploration would get a certain share in revenue in mining operation from the successful bidder after the e-auction of the mineral block.