NMDC, India’s largest iron ore producer and exporter is planning to buy two properties -- Ridley iron ore deposit of Atlas Mining and Wonarah phosphate reserve of Minemakers -- in Australia.
The Ridley project, 100% owned by Atlas Mining, contains 970 million tonnes of high grade iron ore reserves and can produce 330 million tonnes of ore with 68.3% Fe content for over 30 years. The other targeted property, Wonarah deposits of Minemakers, is one of the largest under-developed phosphate reserves in Australia, with an estimated resource of 1.26 billion tonnes at 12% phosphate.
In addition, the Indian miner is also eying to acquire producing coking coal mine in Russia. The mine is estimated to have 100 million tonnes of reserves. NMDC had signed an MoU with Minemakers in June, 2011, for acquiring 50% stake in Wonarah phosphate deposits.
Recently, NMDC acquired 50% equity stake in Perth based Australian iron ore, gold and base metals exploration company, Legacy Iron Ore (Legacy), for a consideration of A$18.89 million with intent of furthering its strategic interests in the natural resources sector globally.
