Tuesday, October 4, 2022

NMDC looks to mine lithium and cobalt in foreign lands

NMDC CMD Sumit Deb on Friday said that the company is looking to explore minerals like lithium and cobalt, which are used in electric vehicles, in foreign lands

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New Delhi: Navratna mining PSU, NMDC Limited is looking to explore minerals like lithium and cobalt, which are used in electric vehicles, in foreign lands, its Chairman & Managing Director Sumit Deb said on Friday.

The company is also planning offshore mining of copper, nickel and gold, Deb said.

NMDC through Legacy Iron Ore Ltd in Australia is looking to mine lithium, nickel, and cobalt which are used in EVs, Deb said at the curtain raiser of a FICCI event, Indian Minerals and Metals Industry Transition Towards 2030 & Vision 2047, here.

Based in Perth, Legacy Iron Ore Ltd has a focus on gold, iron ore and base metals. NMDC has 90.02 per cent equity in the company.

The company also has plans to explore other minerals like gold and copper in countries like Africa, Tanzania and Zimbabwe.

NMDC will also explore lithium reserves in India as “it has got exploration rights in Karnataka”, he said.

On an upward iron ore price revision by NMDC, Deb said it was a marginal hike by the miner and the demand for the mineral will start picking up from the second quarter onwards.

NMDC, which is the largest iron ore producer and seller in India, on Thursday hiked prices of lump ore by Rs 200 a tonne and fines by Rs 100 per tonne with immediate effect. The company has fixed the prices of lump ore at Rs 4,100 per tonne and that of fines at Rs 2,910 a tonne.

Deb further said the conference scheduled for August 23 will see participation from industry players, other stakeholders and the academia who will discuss the growth drivers needed for the Indian minerals and metals sector, challenges being faced by the sector and opportunities available.

(With PTI inputs)

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