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Indias largest iron ore miner, NMDC Ltd, is actively seeking to acquire lithium blocks in Australia and Africa as part of its strategic expansion into critical minerals. The company is conducting due diligence on potential assets in these regions, according to Amitava Mukherjee, NMDCs Chairman-cum-Managing Director (Additional Charge).
"Our lithium quest has gained significant momentum, with encouraging preliminary findings. We’re conducting thorough reviews and due diligence on potential assets in Australia and Africa, positioning ourselves for strategic acquisitions," Mukherjee said.
Lithium, often referred to as "white gold," is crucial for Indias transition to clean energy, with extensive applications in energy storage and batteries for electric vehicles (EVs). India currently relies heavily on lithium imports, primarily from China, with import costs reaching nearly ?30,000 crore annually.
NMDC is already in advanced discussions with companies in both Australia and Africa, aiming to secure lithium reserves. The company plans to ensure that these acquisitions align strategically and maximize value through continued due diligence.
In addition to its lithium pursuits, NMDC is diversifying globally by exploring other strategic minerals like iron ore, bauxite, manganese, diamonds, and gold. The company has also restarted diamond mining in Madhya Pradesh and is set to begin production at its Tokisud North and Rohne coal blocks in Jharkhand.
Internationally, NMDC has expanded its footprint with operations in gold mining at Mount Celia, Western Australia, and is considering further investments in the Mount Bevan iron ore project. Its Australian subsidiary, Legacy Iron Ore Ltd, is exploring 21 tenements in Western Australia for iron ore, gold, tungsten, and base metals, with promising developments at the Yilgangi and Patricia North sites.
NMDCs global diversification and lithium acquisition strategy are set to strengthen its position in the clean energy and strategic minerals sectors as it looks toward long-term growth beyond FY30. |
