NMDC to Partner Australian Co to Develop a Mine
A deal with Minemakers may lead to A$1.5-b investment for phosphate mining
State-owned NMDC on Monday agreed to team up with Australia’s Minemakers to develop a phosphate mine in Wonarah in northern Australia, that could eventually see a total investment of about A$1.5 billion (about . 7,200 crore). The decision of India’s largest iron-ore miner to sign a memorandum of understanding with Minemakers is part of its strategy to focus on food and energy security by acquiring phosphate and coal mines. Early this year, NMDC had signed an MoU with Nagarjuna Fertilisers to mine rock phosphate and potash.
“We will soon take up due diligence of the Wonarah phosphate deposits. While the property belongs to Minemakers, they have been looking for funding to develop it.
A deal with Minemakers may lead to A$1.5-b investment for phosphate mining
State-owned NMDC on Monday agreed to team up with Australia’s Minemakers to develop a phosphate mine in Wonarah in northern Australia, that could eventually see a total investment of about A$1.5 billion (about . 7,200 crore). The decision of India’s largest iron-ore miner to sign a memorandum of understanding with Minemakers is part of its strategy to focus on food and energy security by acquiring phosphate and coal mines. Early this year, NMDC had signed an MoU with Nagarjuna Fertilisers to mine rock phosphate and potash.
“We will soon take up due diligence of the Wonarah phosphate deposits. While the property belongs to Minemakers, they have been looking for funding to develop it.
No comments:
Post a Comment