NMDC carrying due diligence to acquire stake in Brazilian firm

NMDC, the country's largest iron ore producer was carrying out due diligence with the intention of buying stake in Brazilian mining firm Greystone Mineracao do Brasil. Greystone Mineracao do Brasil is owned by London-based trader Pramod Agarwal. Greystone owns six licenses in Brazil.

NMDC is in talks with the Brazilian firm and aims to become a strategic partner with it. The company has tied-up with a deal of confidentiality. NMDC was additionally looking for buying iron ore assets in the US, Russia, Brazil and Australia.

Recently, NMDC, was planning to invest Rs 9,000 crore to set up a five-million-tonne steel plant in Bellary, Karnataka, with association with Russian steel maker OJSC Severstal.

NMDC is involved in the exploration of a wide range of minerals including iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, beach sands, etc. NMDC is India's single largest iron ore producer and exporter, presently producing about 30 million tonnes of iron ore from three fully mechanized mines viz., Bailadila Deposit-14/11C, Bailadila Deposit-5, 10/11A (Chhattisgarh State) and Donimalai Iron Ore Mines (Karnataka State), which are awarded ISO 9001-2000 certification.