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Atheist Junior Artist Username: Atheist Post Number: 100 Registered: 08-2012 Posted From: 125.99.197.136 Rating: N/A |
nmdc ki us , Australia lo mines aquire chesukuntndi akkada kuda TRS lantidi unte poddi | ||
Atheist Junior Artist Username: Atheist Post Number: 99 Registered: 08-2012 Posted From: 125.99.197.136 Rating: N/A |
NEW DELHI, MAY 28: NMDC Ltd is getting aggressive with its overseas acquisition strategy. The PSU mining firm is close to acquiring a coal mine in Southern US, besides eyeing a 50 per cent stake in Minemakers Ltd's Wonarah Rock Phosphate project in Northern Australia. âDue diligence is on for the US coal mine which has some 37 million tonnes of reserves. In addition, there is about 161 million tonnes of coal within the natural zone access of the project,â Mr Rana Som, NMDC Chairman and Managing Director, said. The due diligence is likely to be complete by June 15. âIf all goes well, we may finalise the deal by July,â Mr Som added. NMDC RESERVES The cash-rich NMDC, which has reserves of around Rs 19,200 crore, expects to fund the buyouts from internal accruals. âIf need be, we may look at a blend of equity and debt,â Mr Som added. NMDC, which recently signed a MoU with Australian firm Legacy Iron Ore Ltd for a 50 per cent stake, is eyeing a stake in Wonarah Rock Phosphate, the largest phosphate deposit Down Under. It has estimated reserves of 600 million tonnes, which can go up to 1.5 billion tonnes. âWe are sending a team for preparing a detailed project report (DPR) on the Wonarah phosphate project. Post DPR, we may buy 50 per cent equity in a joint venture with Minemakers Ltd that would be operating the mine. The target is October 2011,â Mr Som said. Further, Mr Som also indicated that the company could buy a gold mine in Tanzania. Of the three prospecting licences awarded by the Tanzania Government, NMDC has found one to be good. âWe have applied for a mining lease and expect the Tanzania Government to give us a mining licence in the next six months,â he said. NMDC could rope in a joint venture partner to mine the lease, he added. |