India’s National Mineral Development Corporation (NMDC) has signed a Memorandum of Understanding (MoU) with Mosi Oa Tunya Development Company, a Zimbabwe government-owned company which would provide it exclusivity for participation in mineral projects in the African nation.
This move is in-line with NMDC ‘s plan to shore up mineral reserves globally. The company said that it is planning to develop mineral assets abroad with a view to getting raw material for the steel industry and the MoU would offer it ‘exclusivity’ to participate in mineral projects at Zimbabwe.
C.S. Verma, chairman and managing director, NMDC, said the MoU would help ensure augmentation of NMDC’s mineral reserves and globalisation of its operations”
Meanwhile, the organization is keen to expand its global presence is evident from the fact that it has acquired Australia Legacy iron ore in 2011. It has also signed a MoU with Brazil’s Amplus Mineracao to invest in the exploration of the Brazilian firm’s iron ore mines and providing NMDC’s technical expertise.
It is constantly exploring opportunities to acquire stake in coking coal companies.It is also looking at rock phosphate projects.