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Indians set to buy Mozambican coal deposit

NMDC head office
in Chennai
Chennai, India — 19 March 2012 – NMDC Limited “’ a government of India fully-owned public enterprise involved in a wide range of mineral exploration “’ has agreed with a Mozambican company to acquire a coking coal deposit in the Southern African country.

Revealing this here, interim chairman of the group NK Nanda told the Business Standard newspaper, cited by Macauhub as reporting that a team of engineers will travel to Mozambique to analyse the coal deposit, and only after its return can the deal be signed.

Nanda added that this was expected to happen within six months, but did not specify the name of the Mozambican company.

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% of the Wonarah mine, which has estimated reserves of 1.26 billion tonnes.

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 It acquired a 26% stake in Brazilian iron ore producer Amplus, which has estimated reserves of 1 billion tonnes.

Source: Macauhub. For further details please click here.