MUMBAI Feb 5 (Reuters) – India’s biggest iron ore
miner, NMDC Ltd, is scouting for mineral assets in
Brazil, Mozambique, Russia, the United States and South Africa,
it said in a statement.
The state-run miner is looking to meet its own requirements
and ensure raw material security for the country’s steel and
fertilizer industries, the statement added.
NMDC had identified an iron ore asset in Brazil, with
reserves of more than 1 billion tonnes, the statement said.
It is also planning to acquire coking coal assets in Russia
and Mozambique with more than 50 million tonnes and 150 million
tonnes of reserves respectively.
NMDC, which recently acquired Legacy Iron Ore in Australia,
is also under due diligence to acquire a rock phosphate asset in
the country.
In January, the company, with a market cap of $14.8 billion,
reported a 22 percent rise in net profit to 18.59 billion rupees
($381.80 million) for the quarter ended December.
($1 = 48.6900 Indian rupees)
(Reporting by Nandita Bose; Editing by Nick Macfie)
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