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BSE: 526371 | NSE: NMDC | ISIN: INE584A01023 Market Cap: [Rs.Cr.] 76,400 | Face Value: [Rs.] 1 Industry: Mining / Minerals / MetalsNMDC Ltd is the largest iron ore producer by volume in India. The company is engaged in the exploration of a range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands. Their principal operations include its three iron ore mining complexes at Kirandul and Bacheli in the State of Chhattisgarh and Donimalai in the State of Karnataka, each of which consists of several iron ore mines. The company sells most of their high grade iron ore production to the Indian domestic steel market, primarily pursuant to long term sales contracts. They sell their core products, iron ore fines, lump and slimes, through the company's sales and marketing function. NMDC Ltd was incorporated on November 15, 1958, as a government company with the name National Mineral Development Corporation Pvt Ltd.
During the year 1959-60, the name of the company was changed from National Mineral Development Corporation Pvt Ltd to National Mineral Development Corporation Ltd. In the year 1966, the company acquired the Panna Diamond Project. In the year 1968, they commenced production of iron ore from Bailadila Deposit No.14. In the year 1977, they commenced production of iron ore from Bailadila Deposit No.5 and Donimalai Iron Ore Mine. Also, they commenced production of iron ore from Bailadila Deposit No.11C in the year 1987. In the year 1989, the company incorporated J & K Mineral Development Corporation Ltd as a joint venture with J & K Minerals Ltd, to explore and exploit the magnesite mine at Panthal and to produce dead burnt magnesite. In the year 1998, the company was conferred with the Mini Ratna status by Department of Public Enterprise, Government of India, which enabled our Board of Directors to exercise certain capital expenditure powers without reference to Government of India. In the year 2002, the company commenced production of iron ore from Bailadila Deposit No.10/11A.
In the year 2008, the company was accredited as the 'Centre of Excellence' in the field of mineral processing by the Expert Group of United Nations Industrial Development Organisation (UNIDO). They entered into an MoU with with Spice Metals and Minerals for the formation of a strategic partnership for planning, acquisition, development and management of metal and mineral projects outside India. During the year, the company was Conferred the Navratna status by Department of Public Enterprise, Government of India which enabled the Board of our Company to exercise certain enhanced capital expenditure powers without reference to Government of India. They incorporated a joint venture 'NMDC-CMDC Limited' with Chhattisgarh Mineral Development Corporation Limited to develop Bailadila iron ore Deposit No. 13. Also, they ventured into new area - Wind Energy and they commissioned seven unit wind electricity generators having the capacity of 1.5 MW. In the year 2009, the company entered into an MoU with Steel Authority of India Limited for the development of the Arki Limestone deposit for the supply of low silica high grade limestone primarily to the steel plants of our Company and Steel Authority of India Limited. Also, they entered into an MoU with the Department of Mines & Geology, Government of Jharkhand for carrying out geological exploration in Jharkhand for various minerals like iron ore, lime stone, bauxite etc. During the year 2009-10, Government of India disinvested 8.38% of their holding in the company aggregating 332,243,200 equity shares of the face value of Re.1/- each through an Offer for Sale.
Accordingly, the equity shareholding of President of India in NMDC stands at 90%. In January 2010, the company entered into an MoU with Department of Mines & Geology (DMG), Govt. of Andhra Pradesh and Andhra Pradesh Mineral Development Corporation (APMDC), Govt. of Andhra Pradesh for mineral exploration in the State of Andhra Pradesh. Sponge Iron India Ltd was amalgamated with the company with effect from July 01, 2010 as Sponge Iron Unit. During the year 2010-11, the company signed an MoU with OJSC Severstal, Russia, to jointly set up an Integrated steel plant with an initial capacity of 2 million TPA in Karnataka. The company incorporated a joint venture company, namely Kopano Ke Matla Investment Company (Pty) in the Republic of South Africa for exploring and exploiting the mineral resources in South Africa. In January 29, 2010, the company signed an MoU for joint exploration work for Iron ore in Kadapa, Kurnool, Chittoor and Karimnagar Districts and for Gold in Chittoor and Anantapur districts of A.P. In September 6, 2011, the company signed the contract for Coke oven Package for the upcoming 3 MTPA Integrated Steel Plant at Nagarnar, with the Consortium lead by Bhilai Engineering Corporation (BEC).
The total cost of the package is Rs 1978.00 crore. The Coke Oven Plant will be executed within the overall time frame of 33 months. In October 20, 2011, the company signed the share subscription agreement with Legacy Iron Ore Ltd, Australia for holding 50% of the total shares in the capital of Legacy Iron Ore Ltd, Australia, at a price aggregating to AUD 18.89 million. In December 12, 2011, the company incorporated a special purpose vehicle (SPV) company by the name of NMDC Power Ltd for the purpose of setting up a power plant for captive power supply to the 3 MTPA integrated steel plant being constructed at Nagarnar. As part of their ongoing initiatives to contribute to the conservation of environment, your Company is currently evaluating the possibility of setting-up a 5 MW bio-mass based power plant at one of their mine locations. The company is currently engaged in conducting feasibility studies in partnership with Kobe Steel to set-up a 500,000 tpa iron nugget plant based on iron ore fines and low rank coals. They initiated discussions with the technology supplier and potential JV partner in the USA for setting-up a plant in India to produce Coke equivalent from Indian thermal coals.
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