NMDC Pays Interim Dividend To Govt; Eyes Iron Ore Mines In Africa

NMDC Pays Interim Dividend To Govt; Eyes Iron Ore Mines In AfricaState-run National Mineral Development Corporation (NMDC) on February 26 paid an interim dividend worth Rs 4.01 billion to the administration.

After getting the cheque from the NMDC chairman, Mr. Ram Vilas Paswan, Union Minister for Steel, Chemicals and Fertilizers, praised the company (NMDC) for its excellent performance.

Mr. Paswan stated that NDMC’s 4 million ton steel plant in Chhattisgarh would come sooner than schedule.

The minister also said that Indian steel segment had a golden period for the last five years and is prepared to confront any slowdown.

Previously, NMDC had declared 103% interim dividend to stockholders.

Moreover, the company is looking for iron ore mines in the African market.

The company said that it has got a couple of offers for forming joint venture with African companies to commence Greenfield mining operations.

While one of the schemes is for a magnetite mine in West Africa, the other is for an iron ore mine in South Africa.

In addition to Africa, NMDC is considering majority stakes in mining properties in Armenia, Australia and Brazil.

On Thursday, shares of the company lost Rs 2.05 at Rs 148.10. The total volume of shares traded at the BSE was 18,653.