[Ferro-Alloys.com]To diversify its products portfolio, state-run iron ore miner National Mineral Development Corp. Ltd (NMDC) is looking to acquire tungsten assets abroad and has floated a global expression of interest (EoI).

According to information available on NMDC’s website, availability of tungsten in India is limited and ores available are of low grade. The metal is of strategic importance because of its requirement in the manufacturing of tungsten-based heavy alloy ammunition systems for armed forces.

Also, the company on 25 October inked a memorandum of understanding with Mishra Dhatu Nigam Ltd for tungsten mining and development of processing technology.

“As part of diversification into strategic minerals, NMDC is looking for acquisition of producing or near future producing (completed bankable feasibility study) tungsten assets abroad either by acquiring equity stakes in tungsten asset, or by any other acceptable means,” the company said in its EoI notice issued last month.

The company has asked for proposal from owners of tungsten mineral concessions having production capacity not less than 250 tonnes per annum of oxides or tungsten metal power.

“The assets may include producing tungsten assets or near commissioning with bankable feasibility commissioned,” it added.

China is the largest producer of tungsten producing more than three quarters of world production.

Extracting tungsten from low-grade deposits depends largely on developing suitable beneficiation technology. In India, Rajasthan has tungsten reserves.

According to the US Geological Survey, the top three countries including China, Russia and Canada accounted for 91% of the total production in 2013.

Other prominent tungsten-producing countries include Bolivia, Austria and Portugal.

NMDC is the country’s largest iron ore producer and currently produces about 30 million tonnes of iron ore and is likely to more than double its production within the next decade.

The company is also operating a diamond mine at Panna in Madhya Pradesh.

According to a newswire Press Trust of India report dated 2 August, NMDC is also mulling to enter into rare earth minerals and beach sand mining, among others.

As reported by InfraCircle on 1 August, the company plans to leverage depressed international prices to make acquisitions and had invited proposals to select consultants and auditors for the exercise.

NMDC, as part of its diversification and forward integration plan, is setting up a three million tonne integrated steel plant at Nagarnar for which the construction work is in full swing. 

• [Editor:Jiang Li Juan ]