Inland carbonatite deposits like Gujarat's Ambadungar - a non-monazite source that listed state miners are now developing with BARC technology.
India's largest iron-ore miner, partnering GMDC on rare earths
Note: per-share figures reflect the Dec 2024 2:1 bonus; Rare earths at MoU stage only
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Hard-rock rare-earth deposits are mined in open pits, crushed and concentrated, then cracked and separated. Unlike monazite they can be developed by companies other than IREL.
This is the listed route into Indian rare-earth supply. GMDC received BARC's indigenous process technology for its Ambadungar deposit in Jan 2026 and signed an MoU with NMDC in Mar 2026 to study an integrated rare-earth chain in Gujarat. The Geological Survey of India has identified about 482.6 million tonnes of rare-earth ore resources.
Long-dated optionality: pilot scale first, commercial output likely years away. Today it is a re-rating story for GMDC and a minor one for NMDC, not an earnings stream.