NMDC Limited and Indian Rare Earths Limited (IREL) signed MOU at NMDC Head Office, Hyderabad in the presence of other dignitaries 

Rare Earth Elements (REE) are used extensively in almost every conceivable advanced technology products and also have commercial, industrial and military applications. China has a monopoly meeting 95% of the global demand. Domestically, IREL is the sole producer of REE compounds.

The ever-increasing demand for REE necessitates a concerted effort to augment the resource position of our country and also explore opportunities for acquisition/sourcing from abroad. Through this MoU, NMDC and IREL together propose to explore opportunities in rare earths in India and abroad and also in setting up the downstream value chain for RE products.