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NMDC to buy two iron ore mines in Australia and also plans to hike prices

07 Feb 2011 Evaluate

State-owned miner NMDC will seal deals to acquire two iron ore assets in Australia next month. The company would spend less than $100 million to acquire 51 per cent stake in the two mines. The company has also identified four more iron ore and coal mine assets for acquisition in Australia, Mozambique and Albania.

It is re-evaluating its agreement of 2008 with global mining company Rio Tinto for jointly developing iron ore mines in Orissa and Tamil Nadu, besides Australia, Brazil and Africa. There has been no progress on this front in the last two years. NMDC expects iron ore prices to rise in the next financial year due to decrease in supply from Australia, which has been hit by floods. Prices are supposed to go up due to pressure on supply while there would be a likely recovery as far as the steel markets in America, Europe and Japan are concerned,crackcrack

NMDC Share Price

89.78 2.60 (2.98%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
Coal India 438.70
NMDC 89.78
GMDC 733.40
Sandur Manganese 218.35
MOIL 327.60
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