NMDC, a state-owned mining major intends to acquire two coking coal
properties in Australia and New Zealand for an estimated $15 million (approx
Rs.75 crore) to meet the raw material requirement of its proposed steel mills in
India.
The mining major along with a foreign partner, has identified low-scale
operational coal mines and an exploratory block in the two countries and has
initiated talks with the proprietors of the assets. The two coal properties are
expected to have reserves of 25 million tonne of coking coal.
NMDC is in the process of setting up a 3 million tpa steel plant in
Chhattisgarh with an investment of Rs 14,000 crore.