Ferro alloys producer IMFA eyes critical minerals foray

NEW DELHI: The hunt for critical minerals is attracting new players to draw up plans to enter the crucial sector to shore up supplies. Odisha-based Indian Metals and Ferro Alloys (IMFA), a leading ferro alloys producer in the country, is planning an entry to the segment, given its experience in the mining and metals industry.“We have over three decades of experience in mining, including being a pioneer in developing underground chromite mines in Odisha’s Sukinda valley, as well as processing minerals. Given the adjacency, we are keen on entering the critical minerals space and believe it is a strategic fit. We are working on identifying how we can create value,” Subhrakant Panda, MD, IMFA told TOI, adding that the plans are at a “preliminary stage.”Panda said IMFA’s experience in mining and smelting provides “a strong foundation” and the company is also “actively looking at opportunities” overseas and will “evaluate if there is an attractive proposition.” He said the company has a debt-free balance sheet as well as significant accruals from existing operations. “I do not see any issue in funding a critical minerals venture once we identify the right opportunity,” said Panda, when asked about any fund raising plans for its proposed foray into the critical minerals space.IMFA, which is listed both on BSE and NSE and counts Korean steel giant Posco as one its customers, operates six furnaces with a total capacity of 190 MVA and annual production capacity of 284,000 tonnes across its units in Therubali and Choudwar. It also operates a 204 megawatt power plant for its smelting and mining operations. Ferro chrome is a crucial input for production of stainless steel.