NMDC keen on 10 per cent equity in Aussie mining firm

"We are interested in picking up equity in Riversdale," NMDC chairman and managing director Rana Som told reporters on the sidelines of CII function here today. Asked how much stake was NMDC eyeing in Riversdale, he indicated that it would be 10 per cent.

Tata Steel had joined hands with Riversdale for developing mining activity in Mozambique. Som said that NMDC had also tied up with Tata Steel for jointly developing assets in that country.

He said that NMDC was scouting for coking coal assets abroad to secure the raw material requirement for the steel industry in the country. Incidentally, basically a mining firm, NMDC had announced plans to set up two steel plants as well.

Som said that NMDC had also for a JV company Copano NMDC Minerals Limited to acquire coal and coking coal assets in South Africa and Zimbabwe. NMDC was also starting the due diligence of Kolmar mines in Russia. Asked about NMDC's focus areas, Som said that the company would be primarily dealing with iron ore, coal, rock phosphate and potash.