Highlights

• Coal India and NMDC are exploring rare earth minerals to support the growing electric vehicle and green technology supply chain.
• Companies are signing partnerships, winning mineral blocks, and positioning themselves in critical mineral value chains.
• India is developing policy incentives to support domestic rare earth mineral and magnet production.

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Financial Express (opens in a new tab) says India’s mining giants NMDC and Coal India want a piece of the electric-vehicle magnet business. Translation: companies known for iron ore and coal are moving toward rare earths, the ingredients for powerful magnets used in EV motors, wind turbines, and electronics. NMDC is looking in Western Australia; Coal India is signing early partnership papers and bidding on new mineral blocks.

What’s Confirmed

• Coal India + IREL: They signed a non-binding MoU (a “let’s explore this” agreement) to work on rare earths and beach-sand minerals. It’s a starting gate, not a factory.
• Graphite block win: Coal India became preferred bidder for the Khattali Chotti graphite area. Graphite isn’t a rare earth, but it’s a battery material, so this shows real diversification.
• NMDC’s JV in WA: NMDC, via Legacy Iron Ore, is in a JV with Hancock Prospecting—a documented push beyond iron ore into critical minerals.
• Policy winds at their back: India is weighing magnet incentives/stockpiles and tightening rules to keep more rare-earth value onshore.

What’s fuzzy (read as “wait and see”)

• “East Kimberley drilling”: The article says NMDC is drilling rare earths there, but public filings mainly show WA lithium/other minerals. Until drill IDs/data appear, consider this unverified.
• Curtin University tie-ups: Coal India’s R&D MoU with Curtin is useful for science, but not production.
• MoUs ≠ magnets: The story suggests a quick path to magnets. The hard part—separating rare earths and making metals/alloys at scale—needs plant budgets, timelines, and process details, none of which are in the piece.

Tone check

The article leans upbeat (stock valuations, big opportunity) and light on hurdles like heavy rare earths (Dy/Tb) needs, environmental permitting for chemical plants, and the long customer-qualification slog with magnet makers.

Why it matters

If NMDC/Coal India secures ore, teams with IREL/private partners on separation, and taps new magnet incentives, India can become a real node in the NdFeB magnet chain—beyond just beach sands.

Bottom line (REEx take)

Right direction, long distance. Until India posts plant-level commitments (capacity, process, dates), MoUs and “preferred bidder” headlines are table-setting, not dinner.

Source: Financial Express (Oct 3, 2025) and supporting public filings.

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