[2] It is the largest international trading company of India and the first public sector enterprise to be accorded the status of Five Star Export Houses by Government of India for long standing contribution to exports Being the largest player in bullion trade, including retailing, MMTC's share was 146 tonnes of gold out of the total import of 600 tonnes of the precious metal in 2008–09.

The MMTC has its origins in the 1950s, when the Indian government, with the interest of boosting agricultural and industrial development, determined to earn valuable foreign currency through the export of canalized mineral ores, which the country had huge deposits of.

Then it made a foray into European market with the exports of one lakh tonnes of iron ore to Slovakia and Romania.

The wholly owned subsidiary MMTC Transnational Pte Ltd, Singapore was incorporated under the control of company in the year 1994 itself.

In the same year, Board for Industrial & Financial Reconstruction (BIFR) had approved the scheme of merger-cum-amalgamation of Mica Trading Corporation of India Limited (MITCO) with MMTC.

In 2003, MMTC's joint venture with the Orissa government, namely Neelchal Ispat Nigam Ltd., emerged as the second largest exporter of pig iron from India.