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English Release 31-October 2014
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Previous Date

 
Ministry of Steel07-February, 2012 17:07 IST
NMDC Diversifies its Activities in Mineral Resources

Backgrounder

                 

 

NMDC Limited, a Navratna public sector undertaking under the Ministry of Steel is primarily engaged in the business of exploring minerals and developing mines to produce raw materials. It is also expanding its activities towards steel making and other value added products.

      NMDC plans to expand its business through horizontal integration as well in the fields of Coal, Rock Phosphate, Lime Stone, Gold and Diamond. The company has already diversified its activities in the field of renewable energy by setting up Wind mills in Karnataka and is exploring the possibilities in solar energy.

In order to acquire more mineral resources globally, the company has launched NMDC Global, which has actively examined number of proposals in Africa, Australia, Europe and South America within one year of its formation.

          NMDC has recently acquired 50% equity stake in Perth based Australian iron ore, gold and base metals exploration company, Legacy Iron Ore Limited (“Legacy”), for a consideration of A$18.89 million with intent of furthering its strategic interests in the natural resources sector globally. Legacy is primarily an iron ore exploration company that is based in Western Australia, and is developing the Mt Bevan Iron Ore Project, which has the potential to develop into one of the largest resources of iron ore in the Central Yilgarn region in Western Australia.

            NMDC is actively pursuing the acquisition of overseas strategic mineral assets with the objective of meeting its own requirements and also towards raw material security for the country’s steel and fertilizer industries. After successful acquisition of Legacy NMDC is trying for more acquisitions in Brazil, Mozambique, Russia, USA and South Africa.

 

In Brazil, an iron ore asset very close to port with reserves more than 1 billion has been identified for acquisition in Russia and in Mozambique NMDC has identified coking coal assets. These assets have more than 50 MT and 150 MT respectively. In Australia, the company is planning to use Legacy for further acquisition. The rock phosphate asset is now under due diligence process. NMDC is in talks with few companies and their projects are being evaluated by the internal team and is also in the process of appointing consultants for their comprehensive due diligence.

 

 

NMDC Limited achieved commendable performance for the quarter ended 31 December 2011. These are the best results for the 3rd quarter financial results since inception. The company is improving the evacuation capacity in Bailadila sector and expedited the construction of the only green field steel plant under construction in India. In September 2011,  when Central Empowered Committee banned mining in this sector and permitted two mines of NMDC to continue operation because of the environmental protection measures being taken up by NMDC. It was also asked to scale up the production upto 1 MT in a month which NMDC could achieve resulting in making available scarce resource to the steel industries of Karnataka.

 

NMDC is planning to set up 10 MTPA pipe line for evacuation of iron ore from Bailadila Sector to Visakhapatnam with a loop line of 2 MTPA capacity at Nagarnar to cater steel plant. This pipe line would help in increasing for production of iron ore and supply to domestic customers like RINL and Essar Steel. NMDC’s vertical integration with Steel production is not ending with only one steel plant in Nagarnar. The land for the NMDC’s Greenfield 3 MTPA Integrated Steel Plant was acquired in a record time of 10 months and 5 major packages of the steel plant have already been awarded to internationally acclaimed companies. The company is taking up the proposal of steel plant in Karnataka with Severstal, the largest steel producer in Russia. Domestically, the company is in discussion with Tata Steel for a Steel plant in Chhattisgarh which has land and mine.

 

NMDC has been pursuing all its expansion programmes and NMDC as part of its forward integration programme and value addition is setting up a 3 MTPA steel plant at Nagarnar in Chhattisgarh, for which the land acquisition has been completed in August 2010 and major packages are being finalized and awarded at a cost of around Rs.6,500 crore.

 

NMDC is having strong fundamentals to sustain the market dynamics with its strong Corporate Social Responsibility (CSR) policy. From its inception, NMDC has embarked upon a holistic journey of undertaking developmental activities in the remote tribal villages surrounding its operating units in Bailadila, Bastar region, Chhattisgarh. Popularly known as Peripheral Development, the focus areas have been Education, Healthcare, Drinking Water and Infrastructure mainly in Bastar region in Chhattisgarh and Donimalai in Karnataka and Panna in Madhya Pradesh. NMDC has put in place a very comprehensive stake holder consultation process to include all its stakeholders into the process of its CSR. The good work being done by NMDC on the CSR front over the years has been recognized by the Department of Public Enterprises and has recommended to all the CPSEs to emulate the NMDC model of CSR.

****

NSK/DB


(Release ID :80165)

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