NMDC inks MoU with Rio Tinto
India's state-run miner National Marine Dredging Company (NMDC) has signed a memorandum of understanding (MoU) with Global miner Rio Tinto to consider investment and development opportunities in India and globally.
NMDC and Rio Tinto will hold a 50% equity stake each in the proposed joint venture.
Under the arrangement, NMDC will have access to Rio Tinto's technologies. The JV company will initially mine Iron and is likely to explore and mine other mineral reserves globally as well.
NMDC has already signed an agreement with Rio Tinto to import its "high smelt technology" for iron ore mining.
Apart from this, Rio Tinto will also look to partner more Indian companies for mine exploration and development. The company has ambitions to launch iron ore production in Orissa state in India, where it has a 51% stake in a joint venture with the state-owned Orissa Mining Corp., which holds rights to iron ore leases.
