India's state-owned mining company NMDC limited has approved plans to invest about $5.22 billion over the next three years to nearly double its iron ore mining capacity, expand its coal mining operations and acquire important mineral assets overseas, company managing director Amitava Mukherjee said in a statement on Friday, June 5.
“The investment will primarily involve increasing iron ore production to 100 million tonnes per annum, approximately 52 million tonnes will be produced in 2025-26,” he said.
He said that in the current financial year, investments of about $626 million will be completed and then grow to $1.04 billion in each of the subsequent financial years.
The company is also engaged in acquiring mineral assets abroad, for which it is estimated that it has allocated $208 million
In a separate initiative, the company has approved an investment of US$313 million to build a mixing facility in the southern port city of Visakhapatnam to blend different grades of iron ore for sale as a branded value-added product with appropriate characteristics.
