Stock Report

GMDC to spearhead India's Rare Earth Supply Chain Development with Ambadongar Project

Posted On : 2024-09-19 13:38:16( TIMEZONE : IST )

Gujarat Mineral Development Corporation Limited(GMDC), a premier public sector enterprise in India's mining industry, took a major step towards bolstering India's rare earth elements (REE) self-sufficiency. The milestone was marked by the formal handover of exploration and geological data for the Ambadongar rare earth deposit from the Atomic Minerals Directorate for Exploration & Research (AMD) to the Chief Minister of Gujarat at a significant event in Gandhinagar.

The Ambadongar deposit, located in the Chota Udepur district of Gujarat, is one of the largest known sources of REEs globally. These critical minerals are essential to a wide range of clean energy technologies, including electric vehicles (EVs) and wind turbines. Through this initiative, GMDC aims to establish a complete supply chain, from extraction to processing and manufacturing, positioning Gujarat as a global leader in rare earth processing.

Event Highlights:

Data Handover: The formal transfer of exploration and geological data for the Ambadongar rare earth deposit to the Chief Minister of Gujarat.

Development Blueprint: GMDC's comprehensive plan to create world-class REE processing hub in Gujarat was unveiled.

Project Overview:

Location: Ambadongar, Chota Udepur district, Gujarat

Investment: ₹2,200 crore earmarked for mining and processing, with an additional ₹1,300 crore dedicated to establishing the REE processing hub with the EBITDA margin up to 50%

Production Target: 12,000 tonnes of rare earth oxides (REO) annually, targeted to commence by FY 2028.

Strategic & Economic Impact: Potential to create thousands of jobs and to cater 15% of India's Nd-Pr demand.

This project is poised to play a crucial role in India's clean energy revolution and will catalyse the transformation of our state's economy and setting new standard for sustainable growth. By harnessing the full potential of the rare-earth elements, we are laying the groundwork for a sustainable and competitive economy. This is a testament to our commitment to innovation, selfreliance and leadership in the global market.

Shares of Gujarat Mineral Development Corporation Limited was last trading in BSE at Rs. 371.35 as compared to the previous close of Rs. 375.70. The total number of shares traded during the day was 35387 in over 1426 trades.

The stock hit an intraday high of Rs. 377.95 and intraday low of 367.00. The net turnover during the day was Rs. 13159909.00.