The Union Cabinet approved the National Critical Mineral Mission (NCMM) to boost the acquisition of critical mineral assets abroad and enhance trade with resource-rich countries. Here are 5 mining stocks that will be in focus-
Gujarat Mineral Development: The company is among the top five organisations in the mining sector. It is engaged in the exploration of Gujarat’s mineral resources like Lignite, Bauxite, Fluorspar, Manganese, Silica Sand, Limestone, Bentonite, and Ball Clay. It is India’s second-largest lignite-producing company. Cherry on the top, the company claims to be a zero-debt entity. The stock of GMDL closed 13% higher at Rs 322.40 on January 29, following the announcement of NCMM.
Hindustan Copper: Being the only company in India engaged in the mining of copper ore, it owns all the operating mining leases of Copper ore. It is also the only integrated producer of refined copper (vertically integrated company). The company is focused on mining & beneficiation operations and primarily sells copper concentrate as the main product. The share price of Hindustan copper closed 0.3% higher at Rs 228.42 on January 29.
NMDC: India’s largest producer of iron ore has been involved in the exploration of a wide range of minerals. These include copper, rock phosphate, limestone, magnesite, diamond, tungsten, and beach sands amongst others. Also, it is the sixth-largest iron ore producer in the world. Recently, it said that it is planning to invest Rs 70,000 crore over the next five years to ramp up its capacity to 100 million tonnes per annum. The share price of NMDC closed the counter 3% higher at Rs 65.76 on January 29.
OMDC: The Orissa Minerals Development Company (OMDC), is under administrative control of the Department of Steel and Mines, Government of Odisha. Founded in 1918, the company is engaged in the mining and production of iron ore and manganese ore. The share price of Orissa Mineral closed the day 3.4% higher at Rs 6,017.40 on January 29.
Hindustan Zinc: It is India’s largest and the world’s second-largest integrated zinc producer. The company is involved in the exploration, extraction, processing, and manufacturing of metals and alloys. The company’s zinc operations currently hold around 75% market share in India’s primary zinc industry. Also, it is the 3rd largest silver producer globally with an annual capacity of 800 MT.
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