NMDC, India's single largest iron ore producer and exporter has inked its second overseas acquisition deal within a fortnight by agreeing to buy 50% stake in Wonarah rock phosphate mine of Australian mining firm Minemakers for an undisclosed amount. NMDC and Minemakers will undertake a joint feasibility study into the agreed aspects of the full development of Wonarah, Australia's largest known, undeveloped, phosphate deposit.
The acquisition will include a mine and downstream processing facilities to produce beneficiated rock phosphate for export; phosphoric acid (an intermediate product); and finished fertilizer products such as DAP and MAP (Diammonium Phosphate and Monoammonium Phosphate). NMDC and Minemakers will then form a JV in which NMDC will take a 50% stake in Wonarah and have responsibility for arranging finance for the project by way of debt raising. NMDC will also repay Minemakers for costs already incurred for Wonarah.
NMDC management staff will join the Minemakers team to undertake a joint feasibility study into the agreed aspects of the full development of Wonarah, in terms of the agreement.
Wonarah is Australia’s largest known phosphate deposit and a partner of the scale of NMDC brings the financial and marketing capacity to allow the project to be developed to its full potential.
| Company Name | CMP |
|---|---|
| Coal India | 486.05 |
| NMDC | 258.10 |
| GMDC | 391.10 |
| Sandur Manganese | 530.10 |
| MOIL | 490.15 |
| View more.. | |
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