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NMDC to ink JV with Mosi Oa Tnuya Development Company

Friday, 25 Apr 2014
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NMDC is all set to sign a JV agreement with a Zimbabwe government-owned firm, Mosi Oa Tnuya Development Company (MOTDC), for development of exploration assets in Zimbabwe.

The broad framework of the JV has been approved by the corresponding Ministry of Zimbabwe and a draft board note for forming a JV has been submitted for approval. The structure of the JV is not yet firmed up and will be done after mutual discussions.

In June 2013, both the firms had inked an MoU providing NMDC the exclusivity for taking part in mineral projects in Zimbabwe.

NMDC has been working on developing mineral assets abroad with a view to getting access to raw material for the domestic steel industry.


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