It is reported that National Mineral Development Corporation, Director of Mines and Geology and Andhra Pradesh Mineral Development Corporation signed a MoU to take up exploration of low grade iron ore and gold deposits in the State.

The MOU was signed in the presence of the Mr K Rosaiah Andhra Pradesh Chief Minister, Mr Sai Pratap the Union Minister of State for Steel, Mr Rana Som CMD of NMDC, Mr Praveen Prakash MD of APMDC and Mr VD Rajagopal Director of Mines and Geology.

According to the terms of the agreement, APMDC and NMDC will form a 50:50 joint venture company to explore iron ore deposits and gold.

The mining exploration work is likely to be centred on the districts of Kadapa, Kurnool, Chittoor and Karimnagar which are estimated to hold iron ore reserves of about 200 million tonnes valued at about INR 40,000 crore.

(Sourced from Business Line)