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Indian iron ore miner NMDC Ltd is exploring lithium assets in Africa and Australia, a source with direct knowledge of the matter said on Friday.
The company is also seeking lithium blocks from the Indian government on a nomination basis, the source added. NMDC did not immediately respond to a Reuters request for comment.
In June last year, NMDC's unit Legacy Iron Ore had signed a lithium exploration pact with Australia's Hancock Prospecting Pty Ltd. "Lithium exploration is at a very nascent stage, but we are talking to Hancock Prospecting for their investments into it," said the source, who didn't want to be named because he is not authorised to talk to media.
NMDC shares rose as much as 1.8% Tuesday on the news. The miner did not immediately respond to a request for comment. Separately, NMDC is also working on plans to export low-grade iron ore to China, the source said. The miner could collaborate with another company to process and ship out the ore to China, he said.
China is India's biggest iron ore customer, importing around 80% of India's overall shipments. Indian producers of low-grade ores largely depend on foreign markets because most major domestic steel producers use high-grade iron ores. NMDC is also expecting to receive forest clearances by June for diamond mining in the central Indian state of Madhya Pradesh, the source said.
The mine produces around 10 carats of diamond per 100 tonnes of Kimberlite processed, according to the details provided by the company on its website.
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