NMDC seeks global mining assets to diversify beyond iron ore

NMDC, a state-run company that meets roughly one-fourth of India's iron ore demand, has set a target to earn a minimum of 20% of its turnover from minerals other than iron ore. To achieve this, the firm is scouting for lithium, copper, cobalt, rare-earth deposits and other critical resources in Chile, Australia, Africa, Brazil and parts of Asia, as well as limestone, dolomite, coking coal and tungsten in the UAE, Oman, Bhutan and Australia.

Company officials say the acquisitions will help supply domestic industries such as steel, automotive, electronics, renewable energy, aerospace, defence, railways and metros. NMDC’s diversification aligns with government policies aimed at securing raw-material supplies and cutting import dependence, especially in the steel sector where inputs account for 65-70% of production costs. The strategy supports broader initiatives like Make in India and the draft Steel Policy Vision 2047.