It is reported that state owned iron ore miner NMDC which had entered into a deal to acquire 50% stake in Australia Legacy Iron Ore last month, is likely to decide on acquiring four more properties overseas by the end of this month.

A source close to the development said "The company board is likely to meet this week to take a final call on these properties. Of these, two properties an iron ore mine and a phosphate mine are in Australia while the third one is an iron ore deposit in Brazil and the fourth a coking coal asset of Russia Vincy Coal.”

The source said "All these are going to be low cost acquisitions, totaling USD 500 million. This would include payment of initial development cost incurred by the holding companies."

Adding that the company board had also met on October 10 to decide on the proposals, the source said that some unanswered issues are likely to decide in the forthcoming board meeting.

The source said the iron ore asset in Australia is certified by the Joint Ore Reserves Committee code of the country and is a large asset, adding that NMDC was looking to acquire a minimum of 50% stake in the asset.

Refusing to name the asset, the source said that it is proposed to be acquired through Legacy Iron Ore which will be used by NMDC as the launching platform in Australia.

(Sourced from business-standard.com)