Indian state-run iron ore miner NMDC will invest around $6.02 billion to double capacity to 100 million mt per year by 2030-31, company chairman and managing director Anirban Mukherjee said in a statement on Thursday, May 30.
The investments will be made in mine enhancement, including seeking permissions for deeper drilling, new mine bids and acquisitions, addition of equipment, setting up slurry pipelines, and expansion of other allied facilities, he said.
Mr. Mukherjee said that in the fiscal year 2024-25 NMDC Limited will be committing capex to the tune of $301 million, expected to peak to levels of $1.08 billion each year thereafter.
The capex will also be for setting up new conveyor systems and slurry pipelines, and a new pellet plant, and for building stockyards with iron ore handling facilities, he said.