NMDC Inaugurates its 1st Gold Mine, Mount Celia Gold Operation

Aditi

1 year ago

On 5th November, Shri Nagendra Nath Sinha, the Secretary of the Ministry of Steel, marked a significant milestone by inaugurating the groundbreaking ceremony for mining operations at the Mount Celia Gold Project in Western Australia. This remarkable endeavor is led by Legacy Iron Ore Limited, a subsidiary of the State-owned Steel CPSE, NMDC Ltd. The project has generated considerable excitement and underscores NMDC’s unwavering dedication to expanding its mineral assets.

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What makes this occasion truly special is the addition of the first gold mine to NMDC’s extensive portfolio, representing a remarkable achievement for the organization.

Significance of this Gold Mine

This momentous event signifies the successful completion of a meticulous process, which involved securing all the necessary statutory approvals and finalizing the mining contract with Bain Global Resources. Notably, surface and mine infrastructure development has progressed swiftly, paving the way for ore extraction to commence in the Blue Peter pits in the upcoming weeks. The first batch of ore, scheduled for processing at Paddington Gold Mine, is set for the first quarter of the calendar year 2024, promising to make a significant contribution to India’s gold production landscape.

The Ministry of Steel takes pride in sharing this remarkable milestone, highlighting the vital role played by NMDC, a Public Sector Undertaking (PSU) under the Ministry of Steel, in fortifying India’s mining and mineral resources sector.

About NMDC

National Mineral Development Corporation (NMDC) is a public sector undertaking involved in the exploration and mining of iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, coal, etc. It is the single largest producer of iron ore in India and one of the largest producers of copper in the country.

NMDC was incorporated in 1958 as a Government of India public enterprise.
The corporation’s headquarters are located in Hyderabad, Telangana.
NMDC has a number of subsidiaries, including Legacy Iron Ore Ltd., NMDC CSR Foundation, Sponge Iron India Limited, Nmdc Power Ltd, and NMDC-CMDC Limited.
NMDC is a major contributor to the Indian economy.
The corporation’s revenues in 2021 were ₹15,721 crores (US$2.0 billion).
NMDC employs over 5,800 people and is one of the largest taxpayers in India.

NMDC’s stock is listed on the Bombay Stock Exchange and the National Stock Exchange. The corporation’s stock is considered to be a good investment due to its strong financial performance and its low valuation compared to its peers.

Aditi

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