The Institute was establish in 1906 with the object of promoting "The study of all branches of mining methods and of mineral occurrences in India, with a view to disseminating the information for facilitating the economic development of the mineral industries in the country". Prior to Independence, the Government of India used to seek suggestion/comments of the institute in wide ranging issues from "induction of safety measures in underground mines to "income tax" slabs for small scale mines. The practice continued in post-independence era.
The institute has been recognised as a Mineral Industries in the country. Scientific and Industrial Research organisation (by the Department of Scientific community could, to their mutual benefit, discuss fully the problems which would continuously arise in the mineral industry.
MGMI has been promoting the cause of the mineral industry since its inception on 16 January, 1906. It has been on the forefront of professional societies in mining and geosciences around the world. MGMI has always provided a forum for sharing experiences and learning of the latest in the practices and technology. The Institute presently has around 2500 members serving the mineral industry and diversified its valued activities in various fields. The Institute is having its headquarters and one of its branches in Kolkata and 15 more branches throughout the country.
MGMI fulfils its objectives to encourage, assist and extend knowledge and information connected with Geology, Mining, Metallurgy etc. through organizing technical lectures, discussion etc., by holding Seminars, Conferences, Technical Meeting and Tours, Publication of regular Journals, Transactions, Newsletters and Scientific Research Works. The Institute's Headquarters is in Kolkata and has 18 branches at Asansol, Bangalore, Bilaspur, Mumbai, Kolkata, Dhanbad, Goa, Jamshedpur, Kothagudem, Nagpur, Singrauli, New Delhi, Rajasthan, Ranchi, Orissa, Assam and Sukinda.