Shareholder Update - India Project

Shareholder Update – India Project


The Company is pleased to advise that NMDC have confirmed they will convene a Board meeting and submit the RCA for approval, immediately following confirmation of NLCIL’s completion of its necessary review and approval process.

Director Technical at NMDC, Mr Narendra K Nanda stated, “NMDC are conscious of the timeframe for implementation of this important project and remain ready, willing and able to finalise approvals as soon as possible. It is essential that all project partners are able to complete their necessary internal processes such that the project, once started, can proceed with minimal interruption. All parties have made efforts to ensure that parallel processes such as engineering, site works, and establishment of the Project Control Committee continue to progress so that the overall project remains on track.”

Incoming Director of Projects & Planning at NLCIL, Mr NMM Rao noted that, “The ECT project is an important project for NLCIL. We are diligently working on the finalisation of all documents and arrangements for financial close and expect this to be completed as soon as possible. We have also commenced preparations to begin site clearance and continue geological survey activities ahead of full project mobilisation.”