NMDC and Indian Rare Earths Limited (IREL) today signed an MoU together proposing to explore opportunities in rare earths in India and abroad and also in setting up downstream value chain for rare earths products.
Rare Earth Elements (REE) strategic and critical raw material -- are used extensively in almost every conceivable advanced technology products and also have commercial, industrial and military applications, according to an official statement.
China has a monopoly meeting 95 per cent of the global demand.
Domestically, IREL is the sole producer of REE compounds, it said.
The ever increasing demand for REE necessitates a concerted effort to augment the resource position of India and also explore opportunities for acquisition/sourcing from abroad, the statement added.
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