AP Bureau:\r\n\r\nBhubaneswar, 15^th Jan 2016: Odisha Government has decided formation of Odisha Mineral Exploration Corporation Limited ( OMECL), that will act as a subsidiary of Odisha Mining Corporation (OMC), with an aim to  identify new mines and minerals in the State. It will also extend the services of scientific exploration of minerals including its analysis to other States and agencies on payment basis, according to official sources.\r\n\r\nThe corporation shall be established as per the Odisha Mineral Exploration Policy-2015.\r\n\r\nNear about 50 lakh meters of core drilling has to be done in this exercise. Besides core drilling, other associated activities like remote sensing study, geological mapping, geo-physical investigation, core logging, sampling analysis, data interpretation, 3D modeling, preparation of plans & sections,  reserve resource estimation etc are required to be completed to make the new mines auctionable.\r\n\r\nThe approximate cost for core drilling is around Rs.200 cr per 1 lakh meter. As such, the financial requirement per annum will come around Rs.300 crs to achieve the targeted quantum of 1.5 lakh meter drilling. Considering all these Govt. have in principle decided to form OMECL in the State.\r\n\r\nOdisha has around 700 Sq, Kms of virgin and free hold area which is supposed to be bearing the minerals like asbestos, bauxite, china clay, cobalt, chromites, fireclay, graphite, limestone, manganese, mineral sand, nickel, platinum group materials ( PGM), tin ore and vanadium apart from coal and iron ore. Till now, explored mines account for around 7% of the Gross Domestic Product of the State. The vast reserves of minerals have substantial scope for enhanced contribution to State’s GDP.