July 27,
India’s top iron ore miner NMDC Ltd is looking to acquire two coking coal mines from Russia’s Kolmar for $400 million, the Business Standard reported on Tuesday citing a company official it did not name.
The underground mine produces 500,000 tonnes a year, the official told the paper adding, one of the mines was operational while the other would be made operational. The cost of developing the mines would be an additional cost that would equal the cost of acquisition, the report said, adding the two mines have reserves of 353 million tonnes.
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