Indian government-run miner NMDC Limited has firmed up plans to invest an estimated $5.22 billion over the next three years to almost double its iron ore production capacity, expand operations into coal mining and acquire critical mineral assets overseas, company managing director Amitava Mukherjee said in a statement on Friday, June 5.
“The investments would primarily be riding on increasing iron ore production to 100 million mt per year, from around 52 million mt produced in 2025-26,” he said.
He said that in the current fiscal year investment of around $626 million would be completed and thereafter rise to $1.04 billion during each of the subsequent fiscal years.
The company is also pursuing acquisition of mineral assets overseas for which an estimated $208 million has been earmarked.
In a separate initiative, the company has approved investment of $313 million to construct a blending yard at the southern port town of Vishakhapatnam for the blending of various grades of iron ore for sale as a branded value-added product offering consistent specifications.