NMDC to Float JV with Provincial Government

India’s largest iron ore miner, NMDC Ltd. (NSE:NMDC), has floated a joint venture (JV) with the local government of the East Indian province of Odisha. Odisha accounts for 34 percent of the country’s total 28.42 billion tonnes of iron ore resources, according to data from the Indian Bureau of Mines.

As quoted in the market news:

Talks completed between OMC and NMDC covered an in-principle agreement on floating the JV and a targeted production level of 10-million tonnes a year of iron-ore and manganese from resources across the eastern Indian coastal province had been set.

For NMDC, the tie-up with OMC followed close on the heels of it firming up a strategic plan last month to ramp up iron-ore production to 60-million tonnes a year by 2019 and 100-million tonnes a year by 2025, up from the current levels of around 32-million tonnes a year.

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