State-owned mining major NMDC on Friday signed a Memorandum of Understanding (MoU) with a Zimbabwe Government-owned company which would provide the domestic miner exclusivity for participation in mineral projects in the African nation.
"The designated organisation of Ministry of Tourism and Hospitality Industry, Zimbabwe has invited NMDC as a strategic partner to invest in exploration and development of the iron ore, coal, Gold and chrome tenements. This MoU will provide exclusivity to NMDC for participation in mineral projects at Zimbabwe," NMDC said in a statement.
The Pioneer had first reported about the pact on June 3, emphasising that Zimbabwe is keen on entering into an agreement with NMDC considering the latter's expertise in developing mines across the world. A preliminary understanding towards this had been developed during Steel Minister Beni Prasad Verma's visit to the southern African nation in April this year.
He had at that time said that India is interested in having a partnership with Zimbabwe as that nation has large reserves of low grade iron ore which can be jointly developed by both the nations. The MoU meanwhile was signed by NMDC Executive Director (Business Development) Atul Bhatt and Mukahanana-Sangarwe, Chairperson of Mosi Oa Ynuya Development Company in presence of the NMDC board members.
"The signing of this MoU is a significant step towards ensuring augmentation of NMDC's mineral reserves and globalisation of its operations," NMDC Chairman C S Verma said.