NMDC Eyes Overseas Critical Mineral Acquisition

New Delhi, Jul 2 (PTI) State-owned iron ore producer NMDC is actively evaluating offshore acquisitions of critical mineral blocks, its CMD Amitava Mukherjee said adding it will strengthen the company's presence in the global value chain.

Critical minerals like antimony, lithium, cobalt, copper are essential for clean energy technologies like solar panels, wind turbines, EVs, and energy storage systems. India has launched the National Critical Mineral Mission (NCMM) to ensure their long-term availability and processing.

"As a part of its global mineral diversification strategy, NMDC has been actively evaluating acquisition opportunities across 10 strategic mineral assets globally and exploring critical mineral block acquisitions in Africa, Australia & South America to strengthen its presence in the global critical mineral value chain," Mukherjee said.

On inauguration of NMDC office in Dubai, he said the city represents a gateway to global opportunity and the new office is poised to redefine the company's mining landscape.

"With our expansion we are revolutionizing our approach to mineral development, securing India's position as a leader in the mining industry, driving innovation in resource utilization," Mukherjee told PTI.

Union Minister H D Kumaraswamy inaugurated the NMDC office in Dubai this week.

Hyderabad-based NMDC, under Ministry of Steel, contributes around 17-20 per cent to India's total iron ore production.

In July 2023, the government released a list of 30 critical minerals for India. These include antimony, beryllium, bismuth, cobalt, copper, gallium, lithium, molybdenum, niobium, nickel, among others.