NMDC mining assets under consideration span four continents as the Indian state-owned iron ore producer looks to diversify into critical minerals and other raw materials, industry sources said on October 25, 2026.

Key Takeaways

  • NMDC is exploring lithium, copper, cobalt and rare earth blocks in locations including Chile, Australia, Africa, Brazil and parts of Asia.
  • The company aims to earn at least 20% of revenue from minerals other than iron ore.
  • The search also includes limestone, dolomite, coking coal and tungsten assets.

NMDC mining assets search targets diversification

Industry sources said NMDC is exploring mineral blocks in South America, Australia, Africa and Asia. It is also scouting for limestone mines and dolomite, coking coal and tungsten blocks in the UAE, Oman, Bhutan and Australia.

The search is at an exploratory stage; no acquisition was announced. NMDC said it is currently a 99.9% iron ore company and wants to help growing Indian industries meet more of their mineral needs.

Chairman Amitava Mukherjee previously said the company was working on strategies to sell other minerals and aimed to become India’s largest mineral mining company. NMDC currently supplies a quarter of India’s iron ore demand.

Industrial demand and raw material security

Industry sources said the minerals could help NMDC serve sectors including steel, automotive, electronics, renewable energy, aerospace and defence.

India’s draft Steel Policy Vision 2047 estimates that raw materials account for around 65% to 70% of steelmaking costs. The draft seeks to reduce import dependence through measures including domestic mining, asset acquisitions and long-term supply arrangements.

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