INDIA'S largest iron ore miner NMDC is close to finalising deals to buy an iron ore mine and take partnership in another in Australia, the state-run miner's chairman said. "We have almost finalised two iron ore mines in Australia," Rana Som said.
"For one, we will partner with the existing owners and for the other, we will acquire the property on our own."
NMDC, India's top iron ore miner by output, has been scouting for iron ore and coking coal assets overseas as it is diversifying into steelmaking.
It is in the process of setting up a 3 million-tonne steel plant in the central Indian state of Chhattisgarh, close to its iron ore mines at Bailadila. The plant is expected to start production in early 2014.
Last year, NMDC signed a deal with Russia's top steel producer, OAO Severstal, to set up a 2 million-tonne plant in the southern state of Karnataka.
Mr Som said NMDC expected to complete one of the deals by April and the other by June. He did divulge any names or the investment required.
Mr Som said the mines had not started production.
"The mines are at an exploration stage. We will take up exploration as well as construct the mines, leveraging our expertise in the sector."
He said the company was looking for iron ore as well as coking coal properties in Australia, Mozambique and Albania.
Indian companies largely import coking coal, a key raw material for steelmaking, from countries such as Australia and New Zealand.
MAU Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)