NMDC looking to acquire mineral assets in Australia

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NMDC looking to acquire mineral assets in Australia

State-owned NMDC is actively looking to acquire mineral assets, such as iron ore, coal and phosphate in Australia, according to Legacy Iron, an Australia-based mining company, in which, NMDC acquired 50% stake.

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State-owned NMDC is actively looking to acquire mineral assets, such as iron ore, coal and phosphate in Australia, according to Legacy Iron, an Australia-based mining company, in which, NMDC acquired 50% stake.

Developing of Mt Bevan ore project in Western Australia will be the initial target project of NMDC, to expand its resource base, Legacy said in a filing with ASX today, after the board meeting. "Nanda (NMDC chairman) confirmed that NMDC is actively pursuing acquisitions of mineral assets Iron ore, cooking/ Thermal coal and Rock Phosphate in Australia to secure future supplies of these critical raw materials for India's Steel and fertilizer production and energy security," Legacy said.

Legacy Board, which met today, has inducted three directors from NMDC to its five-member board, besides allowing the latter to take over management control and appointed NMDC Chairman HK Nanda as Chairman of Legacy.

The appointment of directors follows completion of the requirements under the share subscription agreement between Legacy and NMDC. The Indian miner became a cornerstone strategic investor, holding 50 per cent of the issued capital of Legacy.

Legacy also said that Rana Som, former chairman of NMD has resigned from Legacy's Board on attaining his superannuation form NMDC. In place of Som, Subimal Bose has been appointed as non-executive director.

The Board discussed plans for the growth and development of Legacy's existing assets along with NMDCÂ's commitment to use legacy as its platform for acquisition and development of mineral assets in Australia, Legacy said.

Shares of NMD were traded at Rs 182.70 on Bombay Stock Exchange in the early trade.