NMDC Executes Non-binding MoU with GMDC to Explore Rare Earth Elements; Shares Rise 0.92%

Mumbai, March 17: NMDC Limited has signed a non-binding Memorandum of Understanding with Gujarat Mineral Development Corporation Limited to jointly explore opportunities in Rare Earth Elements (REE) and associated minerals.

The MoU aims to strengthen cooperation towards securing India’s critical mineral supply chain and developing an integrated rare earth value chain in India covering exploration, mining, processing, separation and downstream manufacturing, NMDC said in its filing to the exchanges on Monday.

India has been looking to reduce reliance on imported critical minerals, and rare earths sit at the centre of that conversation. This MoU appears aligned with that broader policy direction, even if still at an early, non-binding stage.

NMDC Stock Performance Snapshot

NMDC share price saw a mild uptick following the disclosure. As of 10:18 am IST on March 17, 2026, shares were trading at ₹78.27, up ₹0.71 or 0.92% so far in the session.

The stock opened at ₹78.20 compared to the previous close of ₹77.56 and briefly moved higher to ₹78.81 and a low of ₹76.91 so far. The move, while positive, remained contained. No sharp spike. Just a steady lift.

Company Background

NMDC Limited is India’s largest iron ore producer, with core operations concentrated in bulk mining. Historically, its revenues have been tied closely to iron ore volumes and pricing cycles.

That said, the company has been gradually signalling diversification. Critical minerals and rare earth elements are increasingly part of its longer-term narrative. This agreement with GMDC fits into that shift, though execution remains some distance away.

GMDC, a Gujarat government enterprise, operates across lignite, bauxite and other minerals. Its regional strength and mineral portfolio could complement NMDC’s scale and mining expertise.

Conclusion

At this stage, the MoU changes little in terms of immediate financial outlook. It is directional rather than transformative.

Still, it hints at where NMDC wants to go next. Into critical minerals, into deeper value chains, into areas with strategic relevance beyond traditional mining.

Markets, for now, are acknowledging the development without overreacting. A modest gain, reflecting interest but also caution.

Source:

• https://www.nseindia.com/get-quote/equity/NMDC/NMDC-Limited
• https://nsearchives.nseindia.com/corporate/NMDC_16032026211414_20260316_SEA2025083_MOU.pdf