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KOLKATA (miningweekly.com) – India’s proposed New Mineral Policy (NMP) is expected to offer a slew of monetary incentives to private domestic and foreign companies to undertake mineral exploration activities across at least 100 mineral blocks across the country.
The NMP, the details of which were not yet in the public domain, was slated to be unveiled within the next few months, and was expected to offer investors in mineral exploration projects an assured revenue stream even if they decided not to undertake mining operations post discovery of resources.
To further sweeten deals for exploratory investments, in the case that no significant or economically viable discovery post exploration was made, investors would be entitled to reimbursement of exploration expenses based on pre-determined parameters.
According to an official privy to the NMP, the twin incentive structure would be ensured through a two-stage auction of around 100 mineral blocks.
In the first stage, a ‘reverse auction’ would be held under which mineral exploration companies would put in their bids to secure exploration rights of the blocks which would be based on bids for royalty (in case of successful discovery) or compensation claims (in case of no discovery).
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