nmdc, page-5

A recap from BL.

Minemakers may partner India's NMDC

Phosphate explorer Minemakers, which is listed on the Namibian stock exchange, has opened the way for Indian state-owned NMDC to partner it in developing the Wonarah phosphate deposit in Australia.

The company said on Tuesday that it and resources investment company Verte Group had agreed to the early termination of their agreement.

The agreement, which was meant to be in place until the end of August, has been scrapped three months early.

Verte Group's agreement covered the pre engineering, procurement and construction as well as the engineering, procurement and construction Asian investment in the company.

"The termination is effective immediately. Minemakers is now free to pursue alternative funding and development options for the Wonarah phosphate deposit," the company said.

Minemakers last week confirmed that it was in talks with NMDC concerning a possible memorandum of understanding over the Wonarah project in Australia's Northern Territory.

"Minemakers confirms that it has had confidential discussions with representatives of NMDC about the development of the Wonarah project and has furnished information for the purposes of those discussions," the company said last week in response to Indian press speculation.

While the company also has interests in Namibia and Peru, it is focusing on the Wonarah project, near the Queensland border.

The project holds an inferred resource of 1.3 billion tonnes at 12% phosphate.

ref: http://www.businesslive.co.za/incoming/2011/05/24/minemakers-may-partner-india-s-nmdc