NMDC plans not to pursue buying diamond assets

Intends to focus on mining iron, coal and other minerals
NMDC plans not to pursue buying diamond assets

State-run company, NMDC Ltd plans not to buy any further diamond assets in India or abroad. The company operates the Panna diamond mine in Madhya Pradesh.

Following its new approach, the company plans to concentrate on mining iron, coal and other minerals.

In 2010-11, the company’s diamond mining business contributed just 0.11 percent towards its revenues. Yet the company regards the Panna diamond mines as the pride of the country, for being the only diamond mine and primary source that is being mined in Southeast Asia. Also, since the company is a public sector company and any mining lease provided to such a company belongs to the nation, the company cannot sell the Panna mines, reports add.

NMDC is India’s only diamond miner. It expects the Panna mines to produce 40,000 carats of diamonds in the period - 2012-13.


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