State-owned NMDC ltd plans to invest Rs40,000 crore in the next eight years to reach a target of 100 million tonnes per annum of iron ore production from the current levels of little over 30 MTPA.
Besides, the company is in the process of setting up a small gold refinery in Tanzania, NMDC's Chairman and Managing Director Narendra Kothari said.
“The total investment will be Rs40,000 crore in the next eight years. Our vision is to achieve 100 MTPA by 2025. The investment will go into developing new mines, Steel Plant, legacy Iron ore company (in Australia) and Slurry Pipe line 9 from (Kirandul to Vizag), among others,” Kothari told reporters on the sidelines of NMDC's Annual General Meeting here.
He said the company has spent Rs7,730 crore till last month on the upcoming 3 MTPA Steel Plant in Nagarnar in Chhattisgarh. The total project cost is Rs15,500 crore.
He also said the Deposit-13 mine, spread over 413.74 hectares of land, being jointly developed by NMDC and Chhattisgarh Mineral Development Corporation (CMDC) got environmental clearance and is expected to come to production in the next two years.
He also said Deposit-4 (also in Chhatisgarh) will take another year or so after Deposit-13 gets into production.
