NMDC devises short-term strategy for Tanzania gold project.

State-run iron ore miner NMDC has devised a short-term strategy, which includes a small-scale mining and setting up of a minor processing plant, for its gold project in Tanzania.

'A short-term strategy has been finalised for development of the mine by small-scale mining and setting up of a small-scale modular processing plant,' a senior NMDC official said.

Tanzania's Ministry of Energy and Minerals had granted NMDC four mining leases at the Bulyang\Ombe gold prospect in 2012 having a total area of 38.83 sq km for 10 years. This comes nearly one-and-a-half years after the Indian firm submitted the feasibility report.

The official did not divulge the reason for going slow. A top official of NMDC had earlier said that the miner was planning to invest about $50 million in the Tanzanian mine.

NMDC intends to develop the gold project through a mine development-cum-operator.


HBL