Multinational mining and resources group, Rio Tinto is soon going to sign an agreement with India’s National Mineral Development Corporation (NMDC) for prospecting iron ore. This news was made public on Wednesday, August 13 by the Chairman of NDMC. ‘We will sign a MoU. It is for prospecting of mainly iron ore. Rio Tinto will look to prospect in India,’ said NMDC Chairman Rana Som.

Following the news of this agreement, the shares of the National Mineral Development Corporation upped by more than 3.3 percent. Rana Som also informed that this agreement will get inked on August 18. The agreement involves prospecting beyond India as well as on the subcontinent. Rana Som further said that NMDC will assist Rio Tinto in prospecting for iron ore in India.