Indian state group NMDC Ltd is looking into acquiring mining assets in Mozambique and in Brazil from another Indian company, Sunflag Iron and Steel Company Ltd, of the Sun Flag group, according to the Indian trade press.
The NMDC group has already signed a memorandum of understanding to acquire from the Sunflag Iron and Steel Company Ltd a 15 percent stake in an iron ore project in South Africa.
Last April NMDC signed a memorandum of understanding to buy Amplus, a Brazilian mining company, under the terms of which it will initially invest between US$10 and US$15 million to buy a 26 percent stake followed by later acquisition to a total of 50 percent. The main asset involved is an iron ore deposit with estimated reserves of 1.5 billion tons.
In August 2011 the group acquired a 50 percent stake in Australian mining company Legacy Iron Ore for US$100 million and at the time set up an Australian subsidiary to manage the business and seek out other local investment opportunities. (macauhub)