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NMDC looks to acquire mineral assets overseas
MUMBAI |
MUMBAI (Reuters) - India's biggest iron ore miner, NMDC Ltd (NMDC.NS), is scouting for mineral assets in Brazil, Mozambique, Russia, the United States and South Africa, it said in a statement.
The state-run miner is looking to meet its own requirements and ensure raw material security for the country's steel and fertilizer industries, the statement added.
NMDC had identified an iron ore asset in Brazil, with reserves of more than 1 billion tonnes, the statement said.
It is also planning to acquire coking coal assets in Russia and Mozambique with more than 50 million tonnes and 150 million tonnes of reserves respectively.
NMDC, which recently acquired Legacy Iron Ore in Australia, is also under due diligence to acquire a rock phosphate asset in the country.
In January, the company, with a market cap of $14.8 billion, reported a 22 percent rise in net profit to 18.59 billion rupees for the quarter ended December.
(Reporting by Nandita Bose; Editing by Nick Macfie)
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