A Memorandum of Understanding (MoU) was entered on the 7th day of April 2024 by and between the Managing Director GMDC, acting through the Chief Executive Officer of the Gujarat Mineral Research Industrial Consultancy Society (GMRICS), and The Credo Rare Earths India PVT., LT.

Credo Rare Earths (India) Private Limited (CREPL) is promoted by the group’s flagship company, Credo Advanced Chemicals Ltd (CACL) as a wholly owned subsidiary. Headquartered in the western Indian city of Ahmedabad, CACL is a diversified business enterprise led by a team of entrepreneurial technocrats with strong fundamentals and sound financial base, focused in the field of processing and mining of mineral resources, development and operation of specialty chemicals industries and industrial production of inorganic higher value-added chemical products in India.

Realising the mutual interests, CREDO and GMRICS hereby agree to form a strategic alliance. GMRICS will provide its technical expertise and support in the exploration, mining, and processing of critical minerals and metals. At the same time, CREDO will leverage its commercial and regulatory strengths to ensure project success. GMRICS undertakes to provide technical expertise and services in connection with the projects identified by CREDO. CREDO will identify and manage the projects for exploration, mining, and processing of critical minerals, leveraging its existing commercial, regulatory, and business expertise to ensure financial viability, compliance, and market access for the minerals produced.

This MoU shall be valid for five years and may be extended for up to 5 years by mutual consent.