To provide State and institutional financial resources to promote minerals and mining operations for the common benefit and the welfare of mining communities. To achieve the above goal the financial resources of the Fund is to be expended as follows:
- Provision of financial support to the agencies and institutions under the Ministry of Lands and Natural Resources, for the improvement and maintenance of Mining and Minerals infrastructure.
- To provide supplementary funding to the Minerals Development Scheme for the Local Management Committee to support disadvantaged people/Miners within mining communities to boost productivity;
- To contribute monies from the Fund towards the operation of the Minerals Development Scheme for skills and capability training for improved and sustainable mining practices;
- Provide mining scholarships and study loans to talented and needy students from mining communities as approved by the Minister;
- To provide, through the Mineral Development Scheme, for grants to mining institutions;
- To encourage small scale miners to form cooperatives and provide financial support to establish sustainable mining;
- To undertake research, programmes and other geological explorations of relevance to mining and mineral development; and
- To provide monies to support other activities and programmes for the promotion of minerals and mining operations as the Minister in consultation with the Board may determine.