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IBM was set up by Central Government in March, 1948 under Ministry of Works, Mines and Power (now Ministry of Mines).
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It is multi-disciplinary government organisation engaged in promotion of conservation, scientific development of mineral resources and protection of environment in mines other than coal, atomic minerals, petroleum & natural gas and minor minerals.
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It is headquartered at Nagpur, Maharashtra.
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It is primarily advisory body to help in formulation of policy and legal framework for mining sector and advising Central and State Governments on development and utilization of mineral resources.
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It helps states in preparation of auction blocks, publishing of average sale price, assisting in post auction monitoring and approval process.