Nalco eyes African countries for strategic mineral assets

Company to form JV with MECL, HCL for overseas mineral hunt

National Aluminium Company (Nalco), along with Mineral Exploration Corporation Ltd (MECL) and Hindustan Copper Ltd (HCL), would hunt for strategic mineral assets in South Africa and other African countries. The three government-controlled firms are expected to float a joint venture (JV) shortly to work out the modalities.

“We have identified 12 strategic minerals that are not abundantly available in India. The JV that Nalco will form with MECL and HCL would look for such assets in the African countries. We may go for a buyout of such assets or think of tie-ups with local companies there”, said Nalco’s Chairman and Managing Director