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GMDC & NMDC Ink Rare Earths Deal
17 Mar
Summary
- GMDC and NMDC signed an MoU to explore Rare Earth Elements collaboration.
- The partnership aims to assess a rare earth value chain in Gujarat.
- This initiative aligns with national goals for critical mineral self-sufficiency.
Gujarat Mineral Development Corporation (GMDC) and NMDC have entered into a Memorandum of Understanding (MoU) to jointly explore opportunities within the Rare Earth Elements (REE) sector, a move that saw their respective shares rise in early trade.
The collaboration is set to assess the potential development of an integrated rare earth value chain, encompassing exploration, mining, beneficiation, processing, and downstream applications. The focus will be on GMDC's Ambadungar Rare Earth deposit in Gujarat.
This strategic initiative by GMDC and NMDC aligns with India's national priorities to bolster domestic capabilities in critical minerals and reduce reliance on imports. It aims to foster the development of downstream industries vital for clean energy technologies and advanced manufacturing sectors.
GMDC, a state-owned enterprise of Gujarat, operates lignite mines and is a significant merchant seller of lignite. NMDC, under the Ministry of Steel, is India's largest iron ore producer and operates mechanized mines, a diamond mine, and has its registered office in Hyderabad, Telangana.
