The Union Ministry of Mines plans to incentivise mining exploration to make it more attractive to private players and will issue an advertisement for empanellment of exploration companies, a top official has said.
´We want to incentivise this system. We want modern technology to come in exploration of huge areas. The incentive to private players will be 0.05 per cent of resources or up to 10 times of annual retention fee, whichever is higher,´ said the Secretary from the Ministry of Mines, Balvinder Kumar.
´We are going to bring about massive changes in the exploration regime. SBICAP is our consultant. They are working on technical and financial parameters under which we are going to advertise,´ he said.
The official also said that vast swathes of restricted land have been opened to mining and exploration due to relaxation in approval system of the Defence Ministry.