State-run miner NMDC on 25 May 2011 signed an agreement to acquire up to 50% stake in Australian mineral exploration company Legacy Iron Ore. The signing of the MoU gave access to NMDC to get into Australia and devise further strategy.
NMDC intends to use Legacy as a vehicle to acquire large-scale Australian bulk commodity projects such as coal and iron ore. Also Legacy will enable NMDC to expand its geological footprint and position itself for the acquisition of additional iron ore and coal assets in Australia.
Perth-based Legacy has interests in gold and manganese, besides iron ore. It is listed on the ASX in Western Australia and has continuously been targeting increased exploration activities to capitalise on new opportunities.
NMDC, India's single largest iron ore producer and exporter, currently produces about 30 million tonnes of iron ore from three mines- Bailadila Deposit-14/11C, Bailadila Deposit-5, 10/11A (Chhattisgarh) and Donimalai Iron Ore Mines (Karnataka).
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