Nalco eyes foray into rare earths amid critical minerals push
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Bhubaneswar: State-owned Nalco is open to venturing into mining of rare earth elements (REEs) with its bid advisor conducting due diligence on domestic auctions for REEs, magnesium and chromite blocks, its CMD Brijendra Pratap Singh Monday said. The move signals National Aluminium Company Ltd's (Nalco) diversification strategy beyond bauxite and alumina, targeting high-value critical minerals essential for electronics, defence, renewables and electric vehicles. REEs are important for magnets in wind turbines, EV motors and missile guidance systems. India, heavily import-dependent with negligible domestic output, views REE self-reliance as key to Atma Nirbhar Bharat and reducing China's 80 per cent global dominance amid US-China trade tensions. In an interview, the Chairman-cum-Managing Director (CMD) said the bid advisor will assess mine viability, optimal acquisition premiums and participation in upcoming auctions.
