NMDC looks to mine lithium, nickel, cobalt in foreign lands

State-owned NMDC is looking for minerals such as lithium and cobalt, which are used in electric vehicles, abroad, chairman and director Sumit Deb said last week. The company also plans offshore mining of copper, nickel and gold.

NMDC Ltd, through Australia's Legacy Iron Ore Ltd, wants to mine lithium, nickel and cobalt used in EVs, Deb said at a FICCI event. Legacy Iron Ore Ltd, based in Perth, focuses on gold, iron ore and base metals. NMDC has 90.02 percent equity in the company.

The company also has plans to explore other minerals such as gold and copper in countries such as Africa, Tanzania and Zimbabwe.

NMDC will also explore lithium reserves in India because "it has exploration rights in Karnataka," Deb said.

On NMDC's upward revision of the iron ore price, Deb said it was a marginal increase by the miner and demand for the mineral would pick up from the second quarter.

NMDC, the largest iron ore producer and seller in India, on Thursday raised the prices of lump ore by Rs 200 per ton and fines by Rs 100 per ton with immediate effect. The company has set the prices of lump ore at Rs 4,100 per tonne and those of fines at Rs 2,910 per tonne.