Mineral Exploration Current Affairs

India, Morocco sign MoU to promote mineral exploration

India and Morocco have signed Memorandum of Understanding (MoU) in the field of Mining and Geology for a period of 5 years to promote mineral exploration. It was signed in New Delhi after the bilateral discussions between Mines Minister Narendra Singh Tomar and his Moroccan counterpart Aziz Rabbah.

Key Facts

Under this MoU, focus will be laid on evaluation of potential mineral resources and promoting exploration and mining through participation of both public and private sector. The focus of MoU is on development of geological infrastructure for Geoscience Maps and geochemical maps, strengthening geological research and evaluation of potential of mineral resources. Geological Survey of India (GSI) will assist Morocco in geological mapping and mineral exploration.

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Union Cabinet approves National Mineral Exploration Policy

The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the National Mineral Exploration Policy (NMEP).

The NMEP primarily aims at accelerating the exploration activity in the country through enhanced participation of the private sector.

Key Facts

  • The policy seeks to uncover full mineral potential in order to put the nation’s mineral resources (non-fuel and non-coal) to best use and maximize sectoral contribution to the Indian economy.
  • It emphasizes on making available baseline geoscientific data of world standards in the public domain, quality research in a public-private partnership (PPP).
  • It also seeks to pave way for the special initiatives for search of deep-seated and concealed mineral deposits.
  • It also seeks to undertake quick aerogeophysical surveys of country and creation of dedicated geoscience database etc.
  • The Union Ministry of Mines will carry out auctioning of identified exploration blocks for exploration by private sector.
  • It will be done on the revenue sharing basis in case their exploration leads to auctionable resources. The revenue will be borne by the successful bidder of those auctionable blocks.

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