This move comes after the recent amendment to the Act on August 17, 2023, which aims to modernize and regulate the extraction of mineral resources in the country s territorial waters, continental shelf, exclusive economic zone, and other maritime zones.
Ministry Of Mines: This move comes after the recent amendment to the Act on August 17, 2023, which aims to modernize and regulate the extraction of mineral resources in the country s territorial waters, continental shelf, exclusive economic zone, and other maritime zones.
The development will attract bigger mining companies in the exploration arena and is likely to encourage junior mining companies from around the world to come to India and take up exploration projects with National Mineral Exploration Trust (NMET) funding.
India needs to implement further reforms to encourage mineral exploration in the country, says Sumit Deb, outgoing President of the Federation of Indian Mineral Industries (FIMI). Deb doubts that international or domestic exploration companies will be interested in participating in the auctioning of exploration licenses under the proposed regime.