Saturday, February 05,
National Mineral Development Corporation (NMDC) said it would acquire two iron ore assets in Australia in the current financial year.
NMDC will pick up 51 per cent and will have management control in both the assets. While the country’s largest iron ore producer didn’t indicate the size of the proposed acquisitions, it envisaged huge investments to develop the same.
NMDC also said it was exploring Australia, Mozambique and Albania to acquire four more coal and iron ore assets as part of its overseas expansion.
“We have already located and finalized acquisition of two iron ore assets in Australia. The board has cleared the proposal and these should be ready by end of the current financial year,” said Rana Som, Chairman & Managing Director, NMDC.
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