State-Owned NMDC Scouts for Global Mining Assets Across Four Continents to Diversify Portfolio

State-owned iron ore giant NMDC is scouting for mining assets, including critical minerals, across four continents. According to industry sources, the expansion spans from South America in the west to Australia in the east to meet the future needs of industries such as automotive, renewable energy, electronics, and steel.

Currently, NMDC caters to one-fourth of India's iron ore demand. The Public Sector Undertaking (PSU) has established a strategic goal to earn at least 20 percent of its revenues from the sale of minerals other than iron ore. NMDC Chairman Amitava Mukherjee previously confirmed in an interview that the company is working on strategies to diversify its mineral portfolio with the objective of becoming India's largest mineral mining company.

Industry sources indicate that NMDC is currently exploring lithium, copper, cobalt, and rare earth blocks in Chile, Australia, Africa, Brazil, and parts of Asia. Additionally, the company is evaluating limestone, dolomite, coking coal, and tungsten blocks in the UAE, Oman, Bhutan, and Australia.

Acquiring these diverse minerals will allow NMDC to cater to major domestic industries on a growth trajectory, including steel, automotive, electronics, renewable energy, aerospace, defense, railways, and metros. An official statement from NMDC noted, 'Right now, we are a 99.9 per cent iron ore company. We aim to help the growing industries in the country with the maximum of their mineral needs.'

NMDC's international asset acquisition strategy aligns directly with government initiatives aimed at securing long-term raw material supplies and lowering import dependency across various economic sectors. For the domestic steel sector, raw materials already account for approximately 65 to 70 percent of total steelmaking costs, as outlined in the Ministry of Steel's draft Steel Policy Vision 2047.

The draft policy emphasizes reducing import dependence through domestic mining, washery expansion, asset acquisitions, long-term supply arrangements, and technology-based optimization. Furthermore, national objectives to increase the share of manufacturing through programs such as Make in India, the Production Linked Incentive (PLI) scheme, semiconductor manufacturing, and defense indigenization are expected to significantly expand consumption across automotive, engineering, machinery, shipbuilding, and renewable energy sectors.

"NMDC's strategic move to diversify its portfolio beyond iron ore and secure critical minerals globally is a critical step for India's industrial self-reliance. As manufacturing, renewable energy, and defense sectors expand under national initiatives, securing long-term raw material supply chains will insulate domestic industries from global price volatility and import dependencies. This global asset scouting reflects a forward-looking approach by a major public sector undertaking to support India's long-term economic growth trajectory." — Dr. Shishir Gupta, Founder & CEO, StartupLanes