Key Points
The centre has approved the modified scheme to engage Notified Private Exploration Agencies (NPEA) for critical and strategic mineral exploration, allowing them to bid for the blocks they explore..
This is expected to boost exploration of minerals like lithium, gold, cobalt, and silver, among others...
According to an office memorandum, the scheme aims to boost activities in the country for exploration of critical and strategic minerals while also easing out the reimbursement and funding operations of the NPEA through the National Mineral Exploration Trust (NMET)..
The latest rules note that approval to explore does not give exploration agencies the right to extract and sell the minerals, but the companies can compete in the bidding of the blocks..
This move comes after a ban on exploration licence holders from bidding for mining acted as a deterrent for the sector, with many large mining companies that had units involved with exploration keeping away from participating in exploration..
