The Indian Express reported that India’s state run mineral giant National Mineral Development Corp is all set to drop its proposal to pick up 50% equity of Greystone Iron ore Limited’s mine in Brazil, as the firm’s holding company Zamin Resources is listed in the British Virgin Islands, a known tax haven.

NMDC was planning to pick 50% equity in Greystone for USD 40 million to take the project to Bankable Feasibility Study stage and initiate exploration, drilling and allied activities after the equity transfer.

As per report, NMDC is exercising caution, given that the government is under pressure to unearth black money stashed in tax havens by both individuals and companies.

The move comes barely a month after the company shelved a proposal to acquire the Vinci coal project in Russia as one its owners were listed in North Korea.

(Sourced from indianexpress.com)