NMDC Explores Overseas Mining for Critical Minerals
By Rediff Money Desk, New Delhi Sep 12, 2024 16:23
NMDC, India's largest iron ore miner, is pursuing mining opportunities for critical minerals like lithium, cobalt, and nickel overseas, including Australia. The company also plans to double production capacity by 2030, focusing on sustainability and innovation.
![NMDC Explores Overseas Mining for Critical Minerals](https://im.rediff.com/money/2024/feb/28feb-nmdc.jpg)
Photograph: NMDC/LinkedIn
New Delhi, Sep 12 (PTI) The country's largest iron ore miner NMDC on Thursday said it is pursuing mining opportunities for critical minerals abroad which includes lithium block in Australia.
Critical minerals such as copper, lithium, nickel and cobalt are important components in rapidly growing clean energy technologies - from wind turbines and electricity networks to electric vehicles.
"NMDC is... pursuing overseas mining opportunities for critical minerals like lithium, cobalt, and nickel through its subsidiary, Legacy India Iron Ore Ltd, which includes lithium mining operations in Australia," the company said in a statement.
NMDC is also preparing to begin the production of its eight million tonnes of coking coal block by December next year.
This move aims to reduce the country's reliance on the import of coking coal.
NMDC is set to nearly double its production capacity to 100 million tonnes (MT) by 2030.
This ambitious expansion will significantly enhance the company's infrastructure, operations, and global standing, aligning with the country's industrial growth.
The expansion of the PSU is driven by the growing domestic and international demand for iron ore, fueled by rapid industrialisation.
The company's strategic investment plan focuses on augmenting production capacity and improving evacuation infrastructure, NMDC said in a statement.
Key initiatives include the development of advanced slurry pipelines, pellets and beneficiation plants, and a robust network of stockyards.
The transition from 45 MT to 100 MT by 2030 is ambitious yet rooted in sustainability and innovation, Amitava Mukherjee, CMD (Additional Charge) of NMDC said.
"Our roadmap is not just about increasing production; it's about doing so responsibly. We are dedicated to reducing our environmental impact while positively contributing to the communities we serve," he stated, with a commitment to sustainable growth.
This strategic endeavour will require significant capital expenditure, with over Rs 2,200 crore allocated for FY25. The investments will primarily focus on the slurry pipeline and new processing plants, which are crucial for enhancing efficiency, minimising environmental impact, and strengthening the PSU's global competitiveness, NMDC said.
NMDC is also expanding rail transport by increasing the KK line's capacity from 28 MTPA to 40 MTPA, laying a 15 MTPA slurry pipeline, and constructing blending yards.
To maximise the utilisation of iron ore resources, the company is developing a four million tonne per annum (MTPA) beneficiation plant in Bacheli and a 2 MTPA Pellet Plant at Nagarnar, with plans to expand the latter to 6 MTPA.
Critical minerals such as copper, lithium, nickel and cobalt are important components in rapidly growing clean energy technologies - from wind turbines and electricity networks to electric vehicles.
"NMDC is... pursuing overseas mining opportunities for critical minerals like lithium, cobalt, and nickel through its subsidiary, Legacy India Iron Ore Ltd, which includes lithium mining operations in Australia," the company said in a statement.
NMDC is also preparing to begin the production of its eight million tonnes of coking coal block by December next year.
This move aims to reduce the country's reliance on the import of coking coal.
NMDC is set to nearly double its production capacity to 100 million tonnes (MT) by 2030.
This ambitious expansion will significantly enhance the company's infrastructure, operations, and global standing, aligning with the country's industrial growth.
The expansion of the PSU is driven by the growing domestic and international demand for iron ore, fueled by rapid industrialisation.
The company's strategic investment plan focuses on augmenting production capacity and improving evacuation infrastructure, NMDC said in a statement.
Key initiatives include the development of advanced slurry pipelines, pellets and beneficiation plants, and a robust network of stockyards.
The transition from 45 MT to 100 MT by 2030 is ambitious yet rooted in sustainability and innovation, Amitava Mukherjee, CMD (Additional Charge) of NMDC said.
"Our roadmap is not just about increasing production; it's about doing so responsibly. We are dedicated to reducing our environmental impact while positively contributing to the communities we serve," he stated, with a commitment to sustainable growth.
This strategic endeavour will require significant capital expenditure, with over Rs 2,200 crore allocated for FY25. The investments will primarily focus on the slurry pipeline and new processing plants, which are crucial for enhancing efficiency, minimising environmental impact, and strengthening the PSU's global competitiveness, NMDC said.
NMDC is also expanding rail transport by increasing the KK line's capacity from 28 MTPA to 40 MTPA, laying a 15 MTPA slurry pipeline, and constructing blending yards.
To maximise the utilisation of iron ore resources, the company is developing a four million tonne per annum (MTPA) beneficiation plant in Bacheli and a 2 MTPA Pellet Plant at Nagarnar, with plans to expand the latter to 6 MTPA.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 13.53 (+ 2.97)
- 43341950
- GTL Infrastructure
- 2.58 ( -1.15)
- 30948547
- Suzlon Energy Ltd.
- 81.64 ( -0.38)
- 27607750
- Rajnish Wellness
- 3.34 ( -3.19)
- 24697355
- Srestha Finvest
- 1.81 (+ 0.56)
- 22617692
MORE NEWS
![US Unemployment...](https://im.rediff.com/80-80/money/2023/jan/02unemployment.jpg)
US Unemployment Claims Rise Slightly, Remain Low
US unemployment claims rose slightly last week, but remain at historically low levels...
![Electric...](https://im.rediff.com/80-80/money/2023/jun/19ev.jpg)
Electric Two-Wheeler Subsidy Up to ₹10,000...
India's PM E-DRIVE scheme offers subsidies of up to ₹10,000 for electric...
![Sensex Hits...](https://im.rediff.com/80-80/money/2017/aug/25rupee.jpg)
Sensex Hits Record High, Investor Wealth Surges...
Indian markets surge to record highs, with the Sensex breaching 83,000, driven by...