GMDC rises 5%; co gets rare-earth processing technology from BARC

Gujarat Mineral Development received advanced technology from the Bhabha Atomic Research Centre (BARC) for its Ambadungar Rare Earth Project.

Gujarat Mineral Development Corporation share price today

Gujarat Mineral Development Corporation share price rose 5 per cent in Tuesday's session as it received an advanced rare-earth processing technology for its Ambadungar Rare Earth Project from Bhabha Atomic Research Centre (BARC).

 

The scrip advanced 5 per cent to ₹565.95 on the National Stock Exchange (NSE). So far on Tuesday, Gujarat Mineral Development Corporation has seen a trade of 5.32 million shares. The relative strength index was at 47.65 on the technical charts, as per Bloomberg data. 

 

Gujarat Mineral Development Corporation shares were trading 2.38 per cent higher at ₹551.70 as of 11:03 AM, as against a 0.47 per cent decline in the Nifty 50 index.   FOLLOW STOCK MARET UPDATES TODAY LIVE

 

Why did GMDC share price rise today?

Gujarat Mineral Development Corporation share price rose on Tuesday as the company received an advanced rare-earth processing technology from the Bhabha Atomic Research Centre (BARC) for its Ambadungar Rare Earth Project. 

 

The Department of Atomic Energy's premier research and development centre transferred the indigenous rare-earth processing technology to the Gujarat Mineral Development Corporation, which is designed to produce mixed rare earth concentrate from the Ambadungar hard-rock ankeritic ore, the company said in an exchange filing late on Monday.  

 

The process will provide Gujarat Mineral Development Corporation a robust pathway to address ore-specific technical challenges and lay the foundation for pilot-scale validation, the exchange filing said. 

 

"The transfer of the rare earth processing technology from Bhabha Atomic Research Centre (BARC) for the Ambadungar Rare Earth Project (REE) represents an important step in Gujarat Mineral Development Corporation's rare earths journey. It strengthens our ability to develop the project in a systematic and responsible manner, while building an end-to-end, future-ready rare earths value chain,” said Roopwant Singh, managing director, Gujarat Mineral Development Corporation.   ALSO READ | Deepak Nitrite jumps 6% as arm starts second hydrogenation plant in Gujarat 

The mineral development company will first deploy the technology on a pilot basis with support from the Bhabha Atomic Research (BARC) to carry out process validation, recovery optimisation, and environmental performance evaluation before moving forward with the project to subsequent phases, according to the exchange filing. 

 

Gujarat Mineral Development Corporation will also utilise the affiliated institution, the International Centre of Excellence in Mining, Safety and Automation, located in Ahmedabad, for pilot-scale and analytical testing tasks.The company said that this strategy will enhance timeliness and strengthen the institutional capabilities, according to the exchange filing.