https://www.engineeringnews.co.za

India’s NMDC signs exploration, mining deal with Zim State-owned firm

19th July 2013

By: Oscar Nkala

Creamer Media Correspondent

  

Font size: - +

Zimbabwe and India have signed a memorandum of understanding (MoU) that paves the way for the formation of a 50:50 joint venture (JV) company that will undertake diamond, gold, chrome and iron-ore exploration and mining in the Southern African country.

The partners in the JV are India’s State-owned National Mineral Development Corpor-ation (NMDC) and Zimbabwe’s State-owned Mosi-oa-Tunya Development Company (MtDC).

Says NMDC MD Chandra Shekar Verma: “The signing of this MoU is a significant step towards ensuring augmentation of the NMDC’s mineral reserves and globalisation of its operations.”

In terms of the MoU, the NMDC will invest financial and technical resources and the MtDC will undertake the projects. The MtDC is also required to carry out a due diligence within 60 days to establish the exact quantity and monetary value of the mineral resources covered by the agreement.

The NMDC, which is listed on the Bombay Stock Exchange (BSE), is India’s largest iron-ore producer, with a yearly output of 30-million tonnes. Information filed with the BSE indicates that the company has also invested heavily in exploration projects targeting copper, rock phosphate, limestone, dolomite and rare-earth minerals, which include gypsum, bentonite, magnesite, diamonds, tin, tungsten, graphite and beach sands.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Vikela Aluvin (Pty) Ltd
Vikela Aluvin (Pty) Ltd

Complete range of security sealing solutions including security seals bags and labels.

VISIT SHOWROOM 
Flanders Electrical SA
Flanders Electrical SA

FLANDERS Southern Africa provides integrated solutions for mining and industrial operations, covering field services, automation, electrification,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.045 1.148s - 122pq - 2rq
Subscribe Now