NMDC to develop Phosphate mine in Northern Australia with Australia's Minemakers
23.02.47
KOLKATA: State-run NMDC on Monday agreed to team up with Australia's Minemakers Ltd to develop a phosphate mine in Wonarah in northern Australia, that could eventually see a total investment of about A$1.5 billion (about 7,200 crore).
The decision of India's largest iron ore miner to sign a memorandum of understanding with Minemakers is part of its strategy to focus on food and energy security by acquiring phosphate and coal mines. Early this year, NMDC had signed an MoU with Nagarjuna Fertilisers for mining rock phosphate and potash.
"We will soon take up due diligence of the Wonarah phosphate deposit located in Australia's Northern Territory. While the property belongs to Minemakers, they have been looking for funding to develop it. We took it up since our strategy outlines food security as a focus area along with energy security," a senior NMDC official told ET.
As part of the MoU, NMDC and Minemakers, which is listed on
Source: Economic Times