NMDC has signed a non-binding Memorandum of Understanding (MOU) with Australian Stock Exchange listed Minemakers to establish the roadmap for its participation in development of the Wonarah phosphate deposit located in Northern territory Australia. According to the MOU, NMDC and Minemakers will undertake a joint feasibility study into the agreed aspects of the development of the Wonarah deposit. Upon successful completion of the feasibility study, NMDC proposes to acquire 50% equity in the Wonarah project and participate in the development of project.
This acquisition will enable NMDC’s entry in Australia’s largest known undeveloped phosphate deposit and contribute towards securing supplies of this critical raw material for the Indian fertilizer industry. The acquisition is subject to the results of the feasibility study and all statutory and mandatory approvals.
NMDC’s net profit surged 97% to Rs 2098.62 crore for the quarter ended March 31, 2011 as compared to Rs 1065.59 crore for the quarter ended March 31, 2010. Its total income has increased from Rs 2228.89 crore for the quarter ended March 31, 2010 to Rs 4213.03 crore for the quarter ended March 31, 2011.
