State-run mining company NMDC Ltd on Monday said it had signed a non-binding memorandum of understanding with Minemakers Ltd to develop the Wonarah phosphate deposit in Australia and would buy a 50 per cent stake in the project after undertaking a joint feasibility study.
“Upon successful completion of the feasibility study, NMDC proposes to acquire a 50 per cent stake in the Wonarah project and participate in the development of the project,” NMDC said in a statement to the Bombay Stock Exchange. The study is expected to take around a year.
It said after the study, both the companies would form a joint venture for the development of the asset and NMDC would have full responsibility to raise finances for the project through debt
“Upon successful completion of the feasibility study, NMDC proposes to acquire a 50 per cent stake in the Wonarah project and participate in the development of the project,” NMDC said in a statement to the Bombay Stock Exchange. The study is expected to take around a year.
It said after the study, both the companies would form a joint venture for the development of the asset and NMDC would have full responsibility to raise finances for the project through debt
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