State-run iron ore miner, NMDC is likely to acquire two mining properties overseas within next 100 days. The company is looking at four-five assets in the US, Russia, Australia and Mozambique. In this regard, the company has earmarked $500 million.
The Navratna firm, which has inked a memorandum of understanding to acquire up to 50% stake in Australian mineral exploration company Legacy Iron Ore, is likely to finalise a sales-purchase agreement by September.
Besides the assets in Australia, the state-run firm is eyeing a coking coal mine in Mozambique. The mining giant is eyeing acquisitions to expand its capacity and to ensure raw material security for its upcoming steel mills in Chandigarh and Karnataka.
The company has already forayed in to steel making and is setting up a 3 million tonne steel plant in Chhattisgarh. It plans to build the Rs 15,500 crore mill by 2014 for which it requires raw material security.
NMDC’s net profit for the quarter has jumped 19.75% at Rs 1801.15 crore as compared to Rs 1504.04 crore for the same quarter last year. Its total income increased by 17.69% to Rs 3224.43 crore for the quarter under review from Rs 2739.82 crore for the corresponding quarter of the previous year.
