india looks abroad for fertilizer., page-3

thanks saracen.

not sure if this one has been posted before, date 3rd July

NMDC eyes stake in Brazil mining firm
NAVTAN KUMAR New Delhi | 3rd Jul


Employees work on a crystal ?sea horses vase? at the Lalique factory in Wingen sur Moder, Eastern France, on Friday. The Lalique museum, dedicated to French artist, designer and glass maker Rene Lalique, was inaugurated on Friday in Wingen sur Moder, the

ublic sector undertaking National Mineral Development Corporation (NMDC) is planning to acquire stake in Brazilian iron ore mining company Greystone Mineracao do Brasil.

According to an NMDC official, the company is also looking at buying iron ore assets in Australia, US and Russia.

Greystone Mineracao do Brasil is a company owned by London-based businessman Pramod Agarwal. The company has six mining licences in southern Bahia state of Brazil.
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National Mineral Development Corporation is also looking at buying iron ore assets in Australia, US and Russia.

"We are in the process of negotiations," said the official. He, however, maintained it would not be a majority stake. The Brazilian company has iron ore reserves worth 260 million tonnes with average iron content of 31%. It is being speculated that NMDC will pay close to $1 billion for the deal.

Greystone mines are located 70 km from the main area of Bamin and within 40 km of the new East-West Railway, which directly serves the Bamin project. The company has already conducted a pre-feasibility study.

Meanwhile, NMDC recently signed an memorandum of understanding (MoU) with Australian Stock Exchange-listed Minemakers Limited to establish the roadmap for its participation in development of the Wonarah phosphate deposit located in Northern territory of Australia.

Under the MoU, NMDC and Minemakers will undertake a joint feasibility study for the development of Wonarah deposit. After the feasibility study, NMDC proposes to acquire 50% equity in the project.

The acquisition, the source said, will help NMDC harness Australia's largest known undeveloped phosphate deposit for securing supplies of phosphate for the Indian fertiliser industry.
http://www.sunday-guardian.com/business/nmdc-eyes-stake-in-brazil-mining-firm