Country’s top iron ore miner NMDC said it will clinch deals for two overseas mining assets within 100 days as talks are progressing fast.
The state run giant, which has earmarked USD 500 million for overseas acquisitions this fiscal is targeting four assets, including two coal and two iron ore, in Australia, the US, Russia and some countries in Africa.
Mr Rana Som CMD of NMDC told reporters that “We are confident to acquire two mining properties overseas within next 100 days. We are looking at four five assets in the US, Russia, Australia and Mozambique.”
Sources said that the Navratna firm, which has inked a memorandum of understanding to acquire up to 50% stake in Australian mineral exploration company Legacy Iron Ore is likely to finalise a sales-purchase agreement by September.
Legacy has interests in gold and manganese besides iron ore, and the MoU gives access to NMDC to get into Australia.
The pact, after formal completion, will give Legacy the opportunity to source and secure additional resource projects for development and financing, with the backing of NMDC as the company’s biggest shareholder.
NMDC intends to use Legacy as a vehicle to acquire large scale Australian bulk commodity projects such as coal and iron ore.
While NMDC produces about 30 million tonnes of iron ore, Legacy holds highly prospective iron ore tenements in both the central Yilgarn and Pilbara areas of Western Australia.
Besides the assets in Australia, the state run firm is eyeing a coking coal mine in Mozambique.
The state run giant, which has earmarked USD 500 million for overseas acquisitions this fiscal is targeting four assets, including two coal and two iron ore, in Australia, the US, Russia and some countries in Africa.
Mr Rana Som CMD of NMDC told reporters that “We are confident to acquire two mining properties overseas within next 100 days. We are looking at four five assets in the US, Russia, Australia and Mozambique.”
Sources said that the Navratna firm, which has inked a memorandum of understanding to acquire up to 50% stake in Australian mineral exploration company Legacy Iron Ore is likely to finalise a sales-purchase agreement by September.
Legacy has interests in gold and manganese besides iron ore, and the MoU gives access to NMDC to get into Australia.
The pact, after formal completion, will give Legacy the opportunity to source and secure additional resource projects for development and financing, with the backing of NMDC as the company’s biggest shareholder.
NMDC intends to use Legacy as a vehicle to acquire large scale Australian bulk commodity projects such as coal and iron ore.
While NMDC produces about 30 million tonnes of iron ore, Legacy holds highly prospective iron ore tenements in both the central Yilgarn and Pilbara areas of Western Australia.
Besides the assets in Australia, the state run firm is eyeing a coking coal mine in Mozambique.
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