Leading domestic iron ore miner
NMDC has created a seperate department to -- NMDC Global -- to spearhead its initiative of increasing its geographic foothold across the world.
NMDC, which currently has presence in
Australia,
Mozambique, Tanzania and is also looking to diversify into strategic and critical raw materials on Monday said it has created a separate department “NMDC Global” to pursue those
international opportunities for acquisition of mineral assets and strategic tie ups regarding emerging technologies.
The company also said it is keen on other emerging opportunities in key minerals which has potential to deliver the long term benefits to it and the country and the newly created department would give a structured thrust to its efforts in that direction.
NMDC, the largest producer of iron ore in the country, reported a 10% drop in FY19 sales volumes, mainly due to a five-month suspension of output at some of its largest mines in Karnataka.The state-owned company, also one of the largest domestic miners, sold 32.38 million tonnes (mt) of ore last fiscal in which output fell about 9% to 32.44 mt.