Indian state company NDMC negotiates to buy coal mine in Mozambique

9 January 2012

New Delhi, India, 9 Jan – Indian state company NDMC, Ltd. is in negotiations to acquire coking coal mines in Mozambique and in Russia, in a deal worth US$300 million, financial news agency Bloomberg reported.

The negotiations involve a mine in Mozambique’s Tete province, with estimated reserves of 360 million tons, and another in the Krmorovo region of Russia, with reserves of 80 million tons, the chairman of NDMC; Narendra Kumar Nanda told the news agency.

The chairman said the NDMC had recently concluded talks to acquire Greystone Mineração, an iron ore mine in Brazil, and for a coal mine in Russia, after signing an agreement in October to buy 50 percent of Legacy Iron Ore Ltd, of Australia, for US$19.5 million. (macauhub)