The National Mineral Exploration Trust (NMET) was established by the Government of India vide Gazette Notification G.S.R.633(E) of 14th August 2015, in pursuance of subsection(1) of Section 9C of the Mines and Minerals (Development and Regulation) Act, 1957, with the objective to expedite mineral exploration in the country.
The Rules governing NMET were made vide Gazette Notification G.S.R.632 (E) dated 14th August 2015. These Rules are effective from 12th of January 2015, the date MMDR Amendment Act, 2015 came into force.
The office of the Trust is situated in the Ministry of Mines, Shastri Bhawan, New Delhi.
NMET has a two tier structure. The apex body is the Governing Body, chaired by the Hon’ble Minister of Mines. It holds the overall control of the Trust. The Executive Committee, chaired by Secretary, Ministry of Mines, administer and manage its activities. To implement mandated activities an NMET Fund has been established. The NMET Fund receives money from holders of mining lease or a prospecting licence-cum-mining lease, an amount equivalent to two percent of royalty paid in terms of the Second Schedule of the MMDR Act.
The Trust supports regional and detailed mineral exploration in the country and other activities approved by the Governing Body, to achieve its objects. They include- special studies and projects to identify, explore, extract, beneficiate and refine deep seated and concealed mineral deposits, studies on mineral development, sustainable mining, mineral extraction and metallurgy adopting advanced scientific and technological practices, detailed and regional exploration for strategic and critical minerals, upgradation of mineral exploration status in an area from G3 to G2/G1 level, exploration leading to grant of mineral concessions, aerial and ground geophysical surveys, geochemical surveys, capacity building of personnel engaged in mineral exploration, etc.