Country's premier exploration agency the Mineral Exploration Corporation Ltd. (MECL), on Monday signed a Memorandum of Understanding (MoU) with the Union Mines Ministry for the financial year 2010-11.

Mines Ministry secretary Santha Sheela Nair and MECL chairman A.K. Lomas signed the agreement on behalf of their respective organisations.

Continuing with the improvement in physico-financial performance of the company, MECL has committed to carry out 275000 meter of exploratory drilling and 7500 meter of exploratory/developmental mining along with associated activities, in the MoU.

Apart from this, due care has also been proposed in maintaining the sustainability under which MECL shall optimize the power consumption particularly utilization of Petrol Oil Lubricants (POL).

The MECL has also proposed an ambitious programme for modernization and expansion in the forthcoming year.

In addition to above, it has also proposed to adopt the parameters related to corporate social responsibility and emphasised on customer satisfaction by maintaining quality, quantity and time schedule.(ANI)