New Delhi | March 9, 2017: The Ministry of Mines is working on rules to incentivise explorers for discovering minable resources in the country.

A top Mines Ministry official told BusinessLine that explorers will be incentivised from the National Mineral Exploration Trust (NMET).

The government is considering a payout of 0.5 per cent of the valuation of discovered minable reserves for explorers.

There will also be a cap of ₹10 crore on the pay out to explorers from the NMET.

The government is currently working on a list of empanelled exploration firms that will be eligible for the NMET incentive.

The Mines Ministry aims to auction 100 mining leases for resources worth ₹1.5 lakh crore in the coming fiscal according to Secretary, Ministry of Mines, Arun Kumar.

(Source: http://www.thehindubusinessline.com/)