States have so far deposited a total of Rs 168.38 crore in the National Mineral Exploration Trust (NMET), which will utilise the funds primarily for the purpose of regional and detailed mineral exploration through special studies and projects.

NMET has started receiving payments of a sum equivalent to two percent of the royalty paid in terms of minerals listed in the Second Schedule as per provisions of the MMDR Amendment Act 2015.

NMET contribution is applicable with effect from 12 January, 2015.

The Trust will utilise the funds to identify, explore, extract, beneficiate and refine deep seated or concealed mineral deposits.

It will also aid in facilitating ground as well as aerial geophysical survey and geochemical survey in obvious geological potential areas, and organise capacity building of personnel engaged in exploration in the Centre and States.

Geological Survey of India, Mineral Exploration Corporation, State Directorates of Geology and Mining, State / Central Undertakings, and private sector companies are engaged in the exploration of mineral deposits.