India’s state-owned iron ore miner is pursuing lithium, copper, cobalt and rare earth assets overseas to reduce its dependence on iron ore and support the country’s industrial expansion.
State-owned iron ore miner NMDC is looking far beyond its core business as it searches for mining assets across four continents, with a particular focus on critical minerals that could feed India’s expanding industrial base, according to industry sources quoted by PTI and reported by Business Standard and Moneycontrol. The company, which supplies about a quarter of India’s iron ore needs, is seeking to broaden its portfolio so that minerals other than iron ore eventually contribute at least 20% of revenues.
The strategy reaches into South America, Africa, Australia and parts of Asia, where NMDC is examining prospects for lithium, copper, cobalt and rare earths, alongside limestone, dolomite, coking coal and tungsten. Industry sources told PTI that the company is studying opportunities in countries including Chile, Brazil, Australia, the United Arab Emirates, Oman and Bhutan, with a view to securing raw materials needed by sectors such as steel, automotive manufacturing, electronics and renewable energy.
The diversification push appears to be part of a wider effort to reduce exposure to iron ore and deepen NMDC’s role in India’s supply chain. In an earlier interview with PTI, chairman Amitava Mukherjee said the company was developing plans to sell more non-iron ore minerals and wanted to emerge as India’s largest mineral mining group. Separately, the Economic Times reported that NMDC has opened a Dubai office to help monitor mineral opportunities and carry out due diligence in overseas markets.
The move also fits neatly with government priorities. The Ministry of Steel’s draft Steel Policy Vision 2047 says raw materials account for around 65% to 70% of steelmaking costs and calls for measures including domestic mining, washery expansion, asset acquisition and long-term supply contracts to cut import dependence. The policy also links rising steel demand to programmes such as Make in India, the production-linked incentive scheme, semiconductor manufacturing, defence indigenisation and industrial corridors, all of which are expected to lift demand from industries that rely heavily on steel.
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