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NMDC to acquire iron ore, coal assets at overseas

National Mineral Development Corporation (NMDC) has planned to pour US$500 million to acquire the iron ore and coal assets from overseas in this fiscal year. It is reported that the final decision is scheduled to be made by June if things go smoothly.

It’s known that NMDC targeted on four assets, including two coal and two iron ore, in Russia, the US, Australia and Africa. The aggressive plan for the four mines is to ensure raw material security for its upcoming steel mills with 3 million tons of production capacity in Chhattisgarh and JV steel mill with 2 million tons of annual output in Karnataka.

At present, the company’s Navratna firm owns annual iron ore production capacity of about 30 million tons from three mines in Chhattisgarh and Karnataka.

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