Indian state owned NMDC is pursuing more overseas acquisitions of strategic mineral assets to meet its requirements as also for raw material security for steel and fertiliser industries.

Mr NK Nanda CMD (In Charge) of NMDC said that "After successful acquisition of Legacy (in Australia) NMDC is in an upbeat mood and is laying its hands for more acquisitions in Brazil, Mozambique, Russia, USA and South Africa.”

He said that Legacy will serve as a platform to propel acquisition and development of mineral assets in Australia.

Mr Nanda said that "In Brazil, an iron ore asset, very close to port with reserves more than 1 billion, has been identified for acquisition. In Russia and in Mozambique, we have identified coking coal assets.”

According to him, these assets have more than 50 million tonne and 150 million tonne respectively. In Australia, the Indian miner is planning to use Legacy as arm for further acquisitions in that country.

NMDC is in talks with few companies and their projects are being evaluated by the internal team and is also in the process of appointing consultants for their comprehensive due diligence. The miner acquired Legacy Iron Ore for about INR 92 crore last year and is now looking to acquire two more properties, the Ridley iron ore deposit of Atlas Mining and Wonarah phosphate reserve of Minemakers Ltd, in the island continent.

NMDC recently completed the acquisition of 50% equity in Legacy Iron Ore Ltd and inducted three Directors on Legacy board, with Mr Nanda as the chairman.

(Sourced from ET)