Spice Minerals & Metals signs MoU with NMDC to create JV Company
The NMDC limited and Spice Minerals & Metals will form an equal partnership JV to acquire and develop mining assets in international markets
Tweet-- The NMDC limited (NMDC) – a Government of India Enterprise and Spice Minerals & Metals; an initiative of the Spice Energy group have signed a Memorandum of Understanding today at Hyderabad.
This MoU is one of the few private partnership entered by the NMDC which chose Spice Minerals & Metals from 35 other reputed national and international companies to create a JV in 50:50 partnership. The JV will be called NMDC Spice International.
Mr. Ravi Chilukuri, CEO, Spice Energy said, “We are extremely happy & honoured to join hands with an enterprise of such high national repute as NMDC. 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.”
The signing of this MoU also marks the beginning of a long term a strategic partnership for planning, acquisition, development and management of metal & mineral projects outside India, executable through specific Joint Ventures. The first project under consideration is in Armenia where mining assets in Iron Ore are proposed to be developed by both the Companies, working in synergy.
This MoU is in line with the emerging trend of public-private partnership (PPP), which enjoys support from the Govt of India. This approach is particularly relevant to acquisition and development of new mining concessions overseas, wherein Indian companies are pitted against very established foreign entities.
Notes to Editor
About Spice Minerals & Metals
Spice Minerals & Metals is an initiative of the Spice Energy Group; one of India’s fastest growing integrated energy and infrastructure corporations. Spice Minerals & Metals aims to be one of the fastest growing global mining companies. It already has a strong presence in several markets in Asia, Africa and Europe. The group offers significant synergies to the mining and metals business via financial and logistical expertise via their vast experience and logistical infrastructure in shipping and global freight forwarding.
About NMDC Limited
Incorporated in 1958 as a Government of India fully owned public enterprise. NMDC is under the administrative control of the Ministry of Steel, Government of India.Since inception involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate etc. NMDC is India’s single largest iron ore producer, with 30.00 million tons of iron ore from its 5 fully mechanised ISO 9001-2000 accredited mines during 2007-08. The company has a strong back up of an ISO 9001 certified R&D centre, which has been declared as the "Centre of Excellence" in the field of mineral processing by the Expert Group of UNIDO.