Indian state-run iron ore miner NMDC is in talks to acquire a controlling stake in Brazil-based mining company Greystone Mineracao do Brasil for $1 billion, according to Indian newspaper The Economic Times.
This amount also includes the cost of building infrastructure to develop the mines.
NMDC is said to be doing a technical, financial and legal due diligence of the iron ore mines which have reserves of 260 million mt.
Greystone owns six exploratory licenses in the state of Bahia in Brazil.
NMDC accounts for 15 percent of India's iron ore production and has been seeking to acquire iron ore mines overseas to meet the needs of international buyers.