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NMDC says overseas acquisitions won't top $500m this year

Overseas acquisitions by state-owned NMDC, India's top iron ore miner, will not exceed USD 500 million this year, the company's top executive said at a mining conference on Tuesday.

April 05, 2011 / 12:15 PM IST

Overseas acquisitions by state-owned NMDC, India's top iron ore miner, will not exceed USD 500 million this year, the company's top executive said at a mining conference on Tuesday.


Rana Som, chairman of the company, also said he views a ban on iron ore exports by India's southwest Karnataka state as a "short-term phenomenon."


Som said the company is looking for low cost iron ore assets, but does not intend to bring ore from such projects to India in next 10 years or so.


In February, Som had said the company hopes to touch 30 million tonnes of output in the 2011/12 fiscal year.


NMDC's ore output rose 6% to 25.19 million tonnes in the just concluded fiscal year.


In the year ended March 31, 2011, NMDC's sales volume provisionally rose to 26.33 million tonnes, from 24.09 million tonnes in the previous year, helped by higher demand from domestic customers and improved logistics.


Spot iron ore prices hit a record peak near USD 200 a tonne in mid-February. Iron ore prices closed at USD 173.90 a tonne last week.

first published: Apr 5, 2011 09:04 am

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