In a communication to stock exchange, NMDC said it signed a Memorandum of Understanding mineral projects in Zimbabwe.

NMDC was incorporated in 1958 as a fully owned public enterprise of the central government. It is under the administrative control of the Ministry of Steel, Government of India.

Since inception, the firm is involved in the exploration of wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands etc.

NMDC is India's single largest iron ore producer, presently producing about 30 million tonne of iron ore from 3 fully mechanized mines viz., Bailadila Deposit-14/11C, Bailadila Deposit-5, 10/11A (Chhattisgarh State) and Donimalai Iron Ore Mines (Karnataka State).