National Mineral Development Corporation (NMDC) is all set to acquire stakes in two iron ore mines and a phosphate mine in Australia this week to bolster its resource base. It would sign two MoUs to acquire at least 50 per cent stakes in Legacy Iron Ore and Stellar Resources in Perth for a cash consideration of nearly Rs 600 crore.
A high-level delegation of the steel ministry led by NMDC chairman Rana Som is currently touring the ore mines of these two firms in Perth, which have a total resource base of nearly 1,000 Million Tonnes.
?We intend to sign two MoUs with the promoters of Legacy and Stellar Resources by May 20. This acquisitions would be fully funded from our internal accruals. This would considerably bolster our resource base and help us register our presence in Australia,? Rana Som told The Indian Express.
Besides, the PSU is also likely to sign another MoU with MineMakers in Australia, which own and operate a phosphate mine. It is the owner of the biggest phosphates reserves in the world. The Wonarah mine has 1,258 MT, while the Namibian Marine Phosphate Project has a resource base of over 1,500 MT.
