The state-owned Iron ore mining major NMDC is reportedly planning to set up a small gold refinery in Tanzania next year. The company is likely to invest about $ 50 million in the development of these gold mines. Furthermore, the company is planning to invest Rs 40,000 crore in the next eight years to reach a target of 100 million tonnes per annum of iron ore production from the current levels of little over 30 MTPA.
NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.
