timing of jv announcement , page-15

From Hindu Business line...

"Meanwhile, a team of officials from Minemakers Limited, an Australia-based mining company, is meeting with NMDC officials on a proposed joint venture to develop the Wonarah phosphate deposit in Australia’s Northern Territory.

“They are in Hyderabad. We will have to study what all reports they gave us on the project. After that, we will conduct due diligence and take a decision,” Mr Som said.

NMDC had earlier entered into a non-binding agreement with Minemakers to develop the latter’s Wonarah phosphate deposit, which is Australia’s largest undeveloped rock phosphate project.

If the project is found favourable, NMDC and Minemakers will then form a JV in which the Indian miner will pick up a 50 per cent stake and have the responsibility for arranging finance for the project through debt raising.

NMDC will also repay Minemakers for costs already incurred on the development of Wonarah.

The investment made by NMDC on the study and other activities may be converted into capital when the JV is formed."