India's largest state-run iron ore producer National Mineral Development Corporation (NMDC) is planning to acquire 50 percent stakes in two iron ore mines in Australia in May, Indian newspaper The Economic Times has reported.
The total estimated reserves of the two mines come to 1 billion mt, the mines being located in the west and south of Australia.
Furthermore, NMDC is also looking to acquire additional iron ore assets, in Russia, the United States, Australia and Africa.
In April, NMDC's chairman and managing director Rana Som said that the company planned to invest INR 24 billion ($500 million) in its overseas development strategy in order to expand its market share and secure raw material supplies for its steel facilities.
At present, the annual iron ore production capacity of NMDC is 30 million mt. As Mr. Som stated, NMDC is targeting an annual iron ore output capacity of 50 million mt by 2015.