The goal of the Mines Ministry’s privatization plan is to boost the economic potential of the mining industry and to open up new job opportunities. The Ministry aims to achieve the same by including more agencies in mineral exploration.
private agencies can participate in mineral exploration
“With the amendment of Mines & Minerals (Development & Regulation) MMDR Act in 2021, private agencies can also participate in mineral exploration for the mineral sector after getting duly accredited by QCI-NABET (National Accreditation Board for Education and Training of the Quality Council of India).
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So far, 13 private agencies have been accredited and subsequently notified by the Central Government,” the Ministry declared in a statement.
Currently, there are twenty-two government organizations actively engaged in mineral exploration. Any private exploration agencies who are interested will be “…required to obtain accreditation by the scheme and thereafter apply to the ministry for their notification under the second proviso to sub-Section (1) of Section 4 of the Act,” the Mines Ministry stated.
The development is expected to speed up exploration and increase the number of explored blocks available for auction.