Wednesday, 15th February 2006 (3008 views)

The Indian National Mineral Development Corporation (NMDC) aims to spend Rs 6.5 crore on plans for a proposed gold mine in Tanzania.

The plan is to be drawn up by the state-run mining firm over the next 12 months, according to the Business Standard.

The Republic of Tanzania granted NMDC three prospecting licenses, covering the Bulyang'OMBE-i, Bulyang'OMBE-ii and Siga hills areas, in Iguna and Kahama districts.

The company has already spent Rs 2.5 crore on first phase exploration, according to NMDC chairman B Ramesh Kumar. This included drilling, surveying and mapping.

"In the next phase, which will see an investment of Rs 6.5 crore, a detailed project report will be prepared to assess its feasibility," he explained.

The initial studies showed that Bulyang'OMBE-i offered good prospects of gold concentration.

Meanwhile, NMDC is also expanding its operations into Namibia, Angola, Botswana and Algeria by prospecting for gold and diamonds.

The company is set to post a record turnover of more than Rs 3,000 crore by the end of the financial year.

 

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