Indian state group NMDC Limited has agreed with a Mozambican company to acquire a coking coal deposit in the East African country, the interim chairman of the group told the Business Standard newspaper in Chennai Thursday.
“A team of engineers will travel to Mozambique to analyse the coal deposit and only after its return can we sign the deal with the Mozambican company, which is expected to happen within six months,” NK Nanda told the newspaper without specifying the name of the Mozambican company.
NK Nanda also said that the group, which is India’s largest iron ore producer, would by the end of April conclude the process of acquiring a phosphate mine from Australian company Minemakers Limited, with which it had agreed to buy 50 percent of the Wonarah mine, which has estimated reserves of 1.26 billion tons.
The NMDC Limited group acquired Australian company Legacy Iron Ore in December 2011 and since then has been expanding internationally through acquisitions in Brazil, Mozambique, and Russia.
Last week the group acquired a 26 percent stake in Brazilian iron ore producer Amplus, which has estimated reserves of 1 billion tons. (macauhub)