State run NMDC and Australia based Minemakers will resume talks early December with regard to 50% stake acquisition by the PSU in an Australian project.

NMDC has entered into a non-binding agreement with Minemakers to develop Wonarah Phosphate deposit in the Northern Territory of Australia.

NMDC and Minemakers will form a JV in which the PSU will take 50% stake and will have the responsibility for arranging finance for the project by way of a debt raising.

Minemkers in a filing to the Australian Securities Exchange said that "The results of enabling study [of the Wonarah project] have been made available to NMDC in accordance with the MOU executed in June 2011 and negotiations concerning Joint Venture Agreement are in process.”

It said that "After November meetings in India, between senior representatives from Minemakers and NMDC, further discussions are expected to take place in Australia in early December.”

It added that "The estimated capital cost is AUD 2.3 billion for the conventional wet acid process route and AUD 1.6 billion for the IHP process route. These costs do not include land acquisition, Darwin Port costs, transport costs, or owner’s costs.”

(Sourced from ET)