India’s NMDC, the country’s largest iron ore mining company, has
secured a gold mining lease in the Bulyang’Ombe , Kahama District and Saga Hills Nzenga District area of
Tanzania.
Chairman N K Nanda said the mine was estimated to be having gold
deposits of four tonnes and NMDC would start mining within six months. The
initial investment would be 50 million US dollar (Rs 250 crore).
NMDC has been exploring for gold in Tanzania for four years. “We have
done 15,000 metres of drilling in this connection," Nanda said.
With the lease in hand, NMDC is trying to find a joint venture partner
for developing the African gold mine. If it is not able to, it would undertake
mining activity on its own, Nanda said, adding the company was interested in
having a partnership only with an enterprise that was already into mining or
related activity in Tanzania.
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| One of the NMDC Iron ore mining in India |
NMDC has also been exploring the possibilities for gold mining in the
Singhbhum and Ranchi districts of Jharkhand for some time. It is already into
diamond mining.
In 2010-11, it produced 10,865 carats worth. Sales were worth Rs 12.9
crore (of 18,421 carats). It is also exploring for more diamonds in Andhra
Pradesh and Madhya Pradesh.
Sources: Smart Investor,www.smartinvestor.in,reported by Prashanth Chintala in Hyderabad 27 Jan 2012
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