NMDC, state-owned mining major is likely to team up with Kopanao Ke Metla
Investment Company, South Africa for acquiring coal, iron ore and manganese
properties in Africa.
After an initial business working agreement with the African company, NMDC is
planning to float a JV to scout for mineral properties. The business working
agreement is expected to be signed shortly.
NMDC has already received a couple of proposals from South African companies
to form JVs for taking up iron ore mining. Even though NMDC has announced in
January 2009 that it is likely to go slow on acquisition of overseas mining
assets due to the global economic slowdown, it has been considering proposals in
Africa, Armenia, Australia and Brazil.
Also See:
NMDC keen to
acquire coking coal sites in New Zealand, Australia (21-03-09)