State-run mineral producer, NMDC Ltd. today said that the company has signed a Memorandum of Understanding (MoU) with Zimbabwe-based MOSI OA TUNYA DEVELOPMENT COMPANY under the administrative control of Ministry of Tourism and Hospitality Industry, Government of Zimbabwe.
Under the deal, the Zimbabwe's company has invited NMDC as a strategic partner to invest in the exploration and development of iron ore, coal, Gold and chrome tenements. The MoU will offer the Indian company with exclusivity for participation in mineral projects at Zimbabwe, the company said in a filing to the Bombay Stock Exchange.
The deal is in line with NMDC's plans to develop mineral assets overseas to secure raw materials for the steel industry, the filing added.
"The signing of this MoU today is a significant step towards ensuring augmentation of NMDC's mineral reserves and globalization of its operations," NMDC, CMD, C.S. Verma said.