NMDC signs MoU with Spice Minerals

Hyderabad: NMDC Ltd and Spice Minerals & Metals, part of the Spice Energy group, have signed a Memorandum of Understanding to float a joint venture, which will seek overseas acquisitions and projects.

The 50:50 venture will be called NMDC Spice International. The first foreign initiative under consideration is in Armenia where mining assets in iron ore are proposed to be developed by both the companies, working in synergy.

The MoU signed here marks the beginning of a long term a strategic partnership for planning, acquisition, development and management of metal and mineral projects outside India, executable through specific joint ventures, a joint press release said.

It is one of the few private partnerships entered into by the State-owned NMDC, which chose Spice Minerals & Metals from 35 other reputed national and international companies, the release added.

Mr Ravi Chilukuri, Chief Executive Officer, Spice Energy said, “Leveraging from NMDC’s expertise and skills in the minerals and mining sector combined with Spice Energy’s global reach and logistical prowess; we aim to penetrate the international markets and make a mark for us on the global map.”