State-owned NMDC today entered into a pact with Indian Rare Earths Limited (IREL) to explore opportunities in rare earth elements in the country and abroad.
"Through this MoU (memorandum of understanding), NMDC and IREL together propose to explore opportunities in rare earths in India and abroad and also in setting up downstream value chain for RE (Rare Earths) products," the company said in a statement.
IREL is the sole producer of rare earth elements (REE) compounds in the country, the statement said, adding that the ever increasing demand for such elements necessitates a concerted effort to augment the resource position in India and also explore opportunities for acquisition/sourcing from abroad.
Rare earth elements are used extensively in advanced technology products and also have commercial, industrial and military applications.
China has a monopoly in the segment, meeting 95 per cent of the global demand.
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