NMDC Scours Four Continents for Lithium and Cobalt Blocks in Diversification Push

India's state-owned iron ore miner NMDC is scouting mining assets on four continents, including blocks holding lithium, cobalt, copper and rare earths, people familiar with the plans said. The drive, reported on October 25, is aimed at securing raw materials for industries that include autos, renewable energy, electronics and steel.

The company supplies about one quarter of India's iron ore demand and has set a goal of earning at least 20 per cent of revenue from minerals other than iron ore, according to industry sources. NMDC told reporters it remains overwhelmingly an iron ore business today, describing itself as roughly 99.9 per cent iron ore, while saying it wants to meet as much of the country's mineral needs as it can.

Where the Search Is Focused

The hunt for critical minerals covers Chile in South America, Australia, Africa, Brazil and parts of Asia. NMDC is also looking at limestone, dolomite, coking coal and tungsten blocks in the United Arab Emirates, Oman, Bhutan and Australia, the sources said. Chairman Amitava Mukherjee has said the company is working on strategies to sell other minerals and wants to become the country's largest mineral mining company.

The expansion fits government efforts to lock in long-term raw material supplies and cut import dependence. For steel alone, raw materials account for around 65 to 70 per cent of production costs, according to the steel ministry's draft Steel Policy Vision 2047. That document proposes domestic mining, expanded coal washeries, purchases of mining assets, long-term supply deals and the use of artificial intelligence to fine tune coal blends.

What It Means for Mining Careers

For workers, the shift points to demand for skills that stretch beyond iron ore extraction. Mineral extraction is only part of the picture, with specialists also needed in geology, exploration, processing, logistics and trading of metals such as lithium, cobalt and copper. The draft policy ties the plan to India's push to raise manufacturing's share of the economy through steps such as Make in India, production-linked incentives, semiconductor production and defense indigenization.

A wider mix of commodities could also alter hiring patterns at public sector miners. Iron ore operations are concentrated around known deposits, while critical mineral blocks abroad would require teams capable of assessing unfamiliar geology, negotiating with foreign partners and managing supply chains across regions. Industry sources said the assets would serve growth sectors including aerospace, defense, railways and metro projects.

The move comes as India works to reduce reliance on imported critical minerals, a concern sharpened by supply disruptions from China and limited domestic refining capacity. Government officials have signaled further policy steps, including a possible stockpiling framework and dedicated processing parks, to support strategic sectors such as defense, advanced electronics and aerospace.

What to Watch Next

Questions remain about cost, timing and the scale of any acquisitions. The company has not disclosed which blocks it may bid for or how much it plans to spend. Its own framing suggests iron ore will remain the core business for now, and outside observers will weigh whether the 20 per cent revenue target is achievable within existing expansion plans.

Also worth tracking is how the diversification interacts with India's industrial output, which Union Bank of India expects to slow to 6 per cent growth in September from 8 per cent in August, partly on weaker mining. The next signals will come from any announced asset purchases and from government decisions on stockpiling and processing infrastructure for critical minerals.