posting re nmdc -

Found this posting while trolling through Atlas AGO's posts


Rana Som says it as it is;

Another interview this time The Economic Times of India 23 Dec 2010.

Q Give us the details of the Australian acquisition, the pricing, total reserve that you will have post this one?

A Rana Som: We have developed a new strategy for the Australian acquisition. Our strategy has been that we are not trying to acquire mines which are already developed. We have the skill in exploration, we have the skill in geological exploration, geological alliances and goestatistics. So what you are planning to do is that we are partnering with a junior mining company in Australia. We will be carrying out the geological exploration and after that we will be sharing the mine 50-50 between us and the junior miner is going to help. So with this approach we are already through in respect of a mining company called Legacy and with Legacy we are going to carry out the exploration on their behalf and that is a very good mine. It is supposed to contain hematite iron ore. So the similar strategy we are going to adopt for another company. I am not naming the company right now at this stage because our understanding is not 100%, but that is in Southern Australia and we are talking to the concerned proprietors of the mining asset. So these are the type of the iron ore mines we were trying to get there. We are also in talks with Atlas Iron Company and this talk has been going on for quite some time. Earlier we wanted to be a junior partner, but now I think that we try to acquire a larger part of the equity in this company so that we can develop the mine and that could be a very big acquisition for us in Australia, but then we are still in negotiation stage so far as Atlas Iron is concerned.

Not sure if the MRRT is holding this deal back. Hopefully not, bring it on !!!