India’s state-owned iron ore producer, NMDC, is actively searching for mining assets across four continents. This strategic move aims to diversify its portfolio beyond iron ore and secure critical minerals for future industrial needs.
The company is exploring opportunities for minerals such as lithium, copper, cobalt, and rare earth elements in regions including South America, Australia, Africa, and parts of Asia. NMDC is also looking for limestone, dolomite, coking coal, and tungsten in the UAE, Oman, Bhutan, and Australia.
This diversification effort is intended to support India’s growing industries, including automotive, renewable energy, electronics, and steel. NMDC aims to generate at least 20% of its revenue from minerals other than iron ore, as stated by industry sources and confirmed by the company’s chairman.
The expansion aligns with government initiatives to reduce import dependency and ensure long-term raw material supply for various economic sectors, according to the Ministry of Steel’s draft policy.
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Source: thehindu.com
