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Mergers & Acquisitions | 3 May 2012

NMDC To Acquire Mines In Mozambique

by Vivek Singh
NMDC To Acquire Mines In Mozambique
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NMDC is planning to acquire Mozambique asset which belongs to Nagpur-based Sunflag Iron and Steel Company Limited and the other asset is in Brazil.

NMDC already has MoU to acquire 15% stake in Sunflag Iron and Steel’s iron ore mines in the Africa. The Brazil property has a resources of one Bn tonnes, for which the due diligence is over.

NMDC expects to conclude the deals this year.

Last month, NMDC had signed MOU to acquire Amplus, a Brazilian iron ore company. It will initially invest around $10-15 Mn to acquire 26% holding and buy up to 50% subsequently. Amplus mine is located around 150 km close to the coast with reserves of over 1.5 bn tonne.

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