NMDC To Acquire Mines In Mozambique
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.
Last August, NMDC acquired 50% stake in Australia based Legacy Iron Ore for about $100 Mn. It floated a subsidiary in Australia to handle the deal and also look at other investment options.
NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.
NMDC had developed many mines like Kiriburu, Meghataburu iron ore mines in Bihar , Khetri Copper deposit in Rajasthan, Kudremukh Iron Ore Mine in Karnataka, Phosphate deposit in Mussorie, some of which were later handed over to other companies in public sector and others became independent companies.
Apart from iron ore, NMDC is developing Magnesite mine in Jammu and Arki Lime Stone Project in Himachal Pradesh.
Recently, International Coal Ventures Private Limited was planning to buy Washpool hard coking coal project in Australia from Aquila Resources.
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|2012-05-03||Sunflag Iron and Steel - Mozambique Mine - NMDC||M&A||
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|NMDC Limited||Government Of India||Khanij Bhavan,
Sesa Goa Limited
Indian Metals and Ferro Alloys Limited
Metkore Alloys & Industries Limited (Formerly Cronimet Alloys India Limited)
Rohit Ferro-Tech Limited
Gujarat Mineral Development Corporation Limited
Resurgere Mines & Minerals India Limited
|Sunflag Iron & Steel Company Limited||
Ravi Bhushan Bhardwaj
Pranav Ravi Bhardwaj
P B Bhardwaj
|33 Mount Road, Sadar||http://www.sunflagsteel.com|