NMDC may buy two ore mines in Armenia

NMDC may buy two ore mines in Armenia
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First Published: Wed, Jul 09 2008. 11 43 PM IST
Updated: Wed, Jul 09 2008. 11 43 PM IST
Mumbai: India’s biggest iron ore producer National Mineral Development Corp., or NMDC, is looking at acquiring iron ore mines overseas, including two in Armenia, chairman Rana Som said on Wednesday.
“We are looking at forming several joint ventures to acquire and develop iron ore mines overseas,” Som said in a phone interview from Hyderabad, where NMDC is based.
“Spice Energy approached us with existing mining assets in Armenia with one deposit of 300 million tonnes (mt) and another of 75mt. These deposits are magnetite deposits. We have signed an agreement with Spice saying that we are interested in having a joint venture to explore iron ore on the basis of 50:50 partnership,” he said. “The total amount that will be spent will be about $500 million (Rs2,155 crore).” Speaking on ore prices, Som said an NMDC team will visit Japan from 26 July to negotiate prices with customers.
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First Published: Wed, Jul 09 2008. 11 43 PM IST
More Topics: NMDC | Iron Ore | Mines | Armenia | Joint Venture |