Hyderabad, India, 7 Feb – Indian group National Mineral Development Corporation (NMDC) plans to use a reserve of 18 billion rupees to acquire mining assets, specifically in Brazil and Mozambique, the chairman and chief executive of the group said in Hyderabad.
Cited by Indian newspaper The Hindu Business Line, N. K. Nanda said the group was about to conclude the acquisition of an iron ore deposit in Brazil and coal deposits in Mozambique and Russia.
Nanda also said that the iron ore deposit in Brazil had estimated reserves of 1 billion tons whilst the coal deposits in Mozambique and Russia had estimated reserves of 150 million and 50 million tons, respectively.
Nanda also said that the group would add a further 5 billion rupees to its cash reserves in order to continue with its programme of foreign mining acquisitions.
NMDC, which recently acquired mining company Legacy Iron Ore, in Australia, is also in the process of acquiring a phosphate mine there. (macauhub)