NMDC awaits nod for Vietnam mine stake

HYDERABAD: State-owned National Mineral Development Corporation ( NMDC) is awaiting the Union Cabinet's approval to acquire a minority stake in a tungsten mine in Vietnam as part of India's effort to reduce dependence on China for this key raw material used for defence purposes.

Talking to the reporters in Hyderabad on Friday, PK Satpathy, director (production), NMDC, said, "We are waiting for cabinet's approval to have a memorandum of understanding with the company operating that mine and will appoint an agency to conduct the due diligence soon after that."

Tungsten is an important raw material used for defence purposes and India is highly dependent on China for the same.

"The total requirement for ammonium para tungstate, which is the converted form of tungsten in the country, is about 250 to 300 tonnes per annum," said Satpathy.