National Mineral Development Corporation (NMDC) is likely to ink a memorandum of understanding (MoU) with Vietnam-based Masan Resources to acquire a minority equity stake in Nui Phao polymetallic tungsten mine.
The MoU is expected to be signed in January 2018. The mine is located in Thai Nguyen province in northern Vietnam. NMDC may acquire about five to ten percent stake in the mine.
Besides this, NMDC and Mishra Dhatu Nigam (Midhani) have also inked an agreement to work on tungsten ore mining and processing for use in strategic defence areas.
Meanwhile, NMDC will be investing about Rs 3,500 crore this FY 2017-18 towards capex, including for the steel plant coming up in Nagarnar, Chhattisgarh. As part of its long term plans, NMDC intends to increase its production capacity to 67 million tpa by 2021-22 from the present level of 34 million tpa.