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NMDC Ltd is considering picking up stake in a tungsten mine located in Vietnam and is awaiting the Union Cabinet nod to take up due diligence and then pursue the deal.
The state-owned iron ore mining major and Midhani, a strategic defence public sector undertaking, had come together last year to explore opportunities to procure tungsten both in India and abroad, while also working on related technologies, to make the country self-reliant on this element.
PK Satpathy, Director, Production, NMDC, said a detailed note is in the process of being prepared by the Steel Ministry. Based on the government nod, the due diligence and follow up on stake approval will be taken up. Speaking on the sidelines of an event hosted by the visting Australian mining delegation, Satpathy said teams from NMDC and Midhani had visited Vietnam to assess the mines and their potential. Later, proposal was sent to the Steel Ministry. Being a State enterprise, the Cabinet has to approve before NMDC initiates the due-diligence process.
NMDC in the past had acquired stake in Legacy Mine in Australia.
Referring to iron ore production targets, he said NMDC plans to produce 35 million tonnes during 2017-18 against 34 mt it produced last fiscal. It has programmed for a capital expenditure of ₹2,500 crore for the Nagarnar steel plant in Chhattisgarh.
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