National Mineral Development Corp. Ltd. plans to increase its iron ore mining capacity by 19% to 67 million tonnes by 2022, The Hindu reported Dec. 6, citing chairman and Managing Director N. Baijendra Kumar.
The chairman expects production in its current fiscal year to surpass production in fiscal 2017, which comprised 34 million tonnes, despite climatic problems alongside logistical and infrastructure issues.
As part of its expansion, the company is setting up a 3 million-tonnes-per-year steel plant in Nagarnar, located 16 kilometers from Jagdalpur in India's Chhattisgarh state.
Kumar also noted that National Mineral Development Corp. Ltd. will likely sign a memorandum of understanding with Masan Resources Corporation to acquire a minority stake in a tungsten mine in Vietnam by next month, with details yet to be finalized.
The company is also interested in expanding its diamond mining portfolio in Madhya Pradesh state and is evaluating gold mining prospects in different countries.