NMDC floats global division to focus on overseas acquisition, expansion
KOLKATA (miningweekly.com) – Indian State-run miner NMDC has set up a department – NMDC Global – to impart greater focus on the acquisition of mineral assets overseas, enter into strategic tie-ups and access newer mining technologies.
According to a company statement, NMDC Global’s mandate would be to increase the company’s footprint across global mining geographies, while the parent continued to maintain leadership in domestic iron-ore mining and steelmaking at its upcoming three-million-ton-a-year greenfield steel mill.
The setting up of a global division has been against the backdrop of NMDC drawing up plans to expand operations of its subsidiary, Legacy Iron Ore Company, in Australia.
For starters, NMDC has initiated moves to delist the Perth-based company by acquiring the 24% equity stake of the company and converting it into an NMDC wholly owned subsidiary.
According to company officials, increasing its stake in Legacy from 70% to 100% would enable the parent to get it delisted from the ASX and lower mandatory compliance issues.
NMDC had acquired 50% equity in Legacy in 2011 entailing an investment of A$19-million and subsequently acquired another 20% equity. Soon after delisting Legacy, NMDC planned to invest another A$10-million as the first phase of expansion of the Australian mining company, the officials said.
The bulk of the fresh investments would go toward further development of its Yudamindera gold project in Western Australia, estimated to have resource of about 20-million ounces.
Currently, Legacy is working on 19 exploration tenements for iron-ore, gold and base metals with the company claiming that initial exploration reports indicate significant reserves of magnetite quality iron-ore at its tenements, which typically was of a higher quality than the hematite grade generally mined in India.
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