The National Mineral Exploration Trust’s role in the shift to green energy- Explained
The National Mineral Exploration Trust (NMET) has been making headlines recently for its crucial role in accelerating mineral exploration projects as India moves towards cleaner and greener energy sources. The trust, established by the central government in 2015, plays a vital role in identifying and funding the exploration of critical minerals required for the transition to renewable energy.
In the latest development, the Ministry of Mines has announced that NMET has approved 51 mineral exploration projects worth Rs 419.48 crore for the fiscal year 2022-23. This substantial allocation underscores the significance of NMET as the country seeks to expedite mineral exploration to meet the growing demand for raw materials in the renewable energy sector.
So, what exactly is NMET and why is it in the spotlight?
NMET is a non-profit trust set up by the Indian government to provide support for mineral exploration and other approved activities. The trust raises funds through the auction of mining or prospecting-cum-mining leases. Its primary objective is to boost exploration activities in the country and introduce schemes to successfully auction mineral blocks.
One of the key functions of NMET is to fund special studies and projects aimed at identifying, exploring, extracting, beneficiating, and refining deep-seated or concealed mineral deposits. It has also formulated financial schemes to support the procurement of advanced technology and equipment for exploration and mining activities. The funds provided by NMET are channeled to government organizations such as the Directorate General of Mines Safety and state departments of mines and geology.
Since its inception, NMET has already funded 270 mineral exploration projects, with 162 completed and 108 ongoing. Out of the completed projects, 11 have been successfully auctioned by the respective state governments. Although there is no current update regarding the auction of the remaining projects, significant progress has been made in promoting mineral exploration across the country.
Looking ahead, NMET is gearing up for further expansion. The trust plans to add more staff to enhance its autonomous functioning. According to the Ministry of Mines, twelve new positions will be created, including one for the Director General, six in the technical division, three in the finance division, and two for the administration and legal departments. This expansion reflects NMET’s dedication to streamlining the exploration process and meeting the country’s growing demand for critical minerals.
India’s transition to green energy relies heavily on securing a robust and sustainable supply of minerals such as lithium, platinum-group elements, graphite, and molybdenum. As the government strives to strengthen the domestic supply chain, NMET’s role in identifying and funding exploration projects becomes even more crucial. By prioritizing mineral exploration and investing in the necessary infrastructure, NMET is supporting India’s journey towards a cleaner and greener future.
In conclusion, the National Mineral Exploration Trust (NMET) is at the forefront of India’s efforts to boost mineral exploration and secure a reliable supply of critical minerals for its transition to green energy. With its funding of numerous exploration projects and plans for expansion, NMET is playing a pivotal role in strengthening the country’s domestic supply chain and accelerating the shift towards cleaner technologies.
(This news article has been written for informational purposes only and does not constitute financial or investment advice. Please consult with a professional advisor or conduct thorough research before making any investment decisions.)
