NMDC Ltd today announced signing of a tripartite pact with Government of Madhya Pradesh and Madhya Pradesh State Mining Corporation Ltd for geological and geophysical exploration for various minerals in the state.
"NMDC Ltd...Has signed a tripartite MoU with government of Madhya Pradesh (Directorate of Geology and Mines (DGM) through Mineral Resource Department (MRD))and Madhya Pradesh State Mining Corporation Ltd (MPSMCL) on October 27," the company said in a filing to BSE.
The MoU is for geological and geophysical exploration of various minerals in Madhya Pradesh.
"NMDC made intentions to invest during the Global Investors Summit held in October, 2016 for exploration of different minerals in various districts of Madhya Pradesh over an area of approximately 7,200 square kilometers," it said.
NMDC has explored several deposits for over five decades within and outside the country and has established deposits of iron ore, copper, limestone, dolomite, bauxite, diamond, sapphires etc.
NMDC is having the expertise in multi-disciplinary exploration and has recently tied up with Department of Space for remote sensing and GIS studies using geospatial techniques and is setting up its own laboratory for remote sensing and GIS studies at Hyderabad.
NMDC would be using latest techniques involving remote sensing and GIS studies, interpretation of airborne multi-sensor geophysical data, geological, geochemical and geophysical studies for the forthcoming exploration activities in Madhya Pradesh for discovering new deposits.
"As per the MoU, on successful establishment of mineral blocks through this proposed exploration, NMDC would be forming a JV with MPSMCL with equity 51:49 (NMDC-MPSMCL) for mining of such blocks," it said.
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