NEW DELHI | March 14, 2016: Government on Monday said that it is in the process of finalising a new national mineral exploration policy, which will seek to tap the private sector.

"The ministry of mines is in the process of finalising a National Mineral Exploration Policy (NMEP) to outline the action plan for ensuring comprehensive exploration of the country's mineral resources (non-fuel and non-coal)," minister of state for mines and steel Vishnu Deo Sai said a written reply to the Lok Sabha.

The policy, inter-alia, proposes participation of private entrepreneurs in mineral exploration through a transparent method, the minister said.

After finalisation of NMEP, these blocks may be taken up for auction," he said.

Geological Survey of India has identified 108 mineral blocks for regional exploration, the minister said adding that the mineral blocks are located in 23 states, including Rajasthan, Gujarat, Bihar and Jharkhand.

In a separate reply the minister said auction results in respect of six non-coal mines in the states of Jharkhand, Chhattisgarh and Odisha indicate overwhelming success.

"However, in absence, of requisite number of bidders, for the blocks put on auction for the first round, the bidding process in the state of Rajasthan, Gujarat and Maharashtra could not attain finality," the minister said.

(Source: http://timesofindia.indiatimes.com/)