New Delhi: NMDC Limited and Gujarat Mineral Development Corporation (GMDC) have signed a Memorandum of Understanding (MoU) to explore collaboration opportunities in the development of rare earth elements and associated minerals in India.

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The agreement, signed at NMDC headquarters in Hyderabad, aims to develop an integrated and sustainable critical mineral supply chain in the country. The MoU came into effect from March 16, and will remain valid for a period of two years.

The partnership will focus on exploration of rare earth deposits, expansion of research and development capabilities, and adoption of carbon-conscious initiatives in the sector. A Steering Committee and Working Group will be constituted to evaluate and advance the collaboration.

The MoU was signed in the presence of Amitava Mukherjee and Roopwant Singh, along with senior officials from both organisations.

Commenting on the development, Amitava Mukherjee said that rare earth elements have emerged as a strategic national priority, given their importance in energy security, defence capabilities and achieving self-reliance. He added that the collaboration between NMDC and GMDC aims to build a resilient critical mineral ecosystem in the country.

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The partnership is also expected to explore possibilities of forming a joint venture, special purpose vehicle (SPV), and other strategic business collaborations in the future.

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