Three Indian state-run steelmaking and mining companies Rashtriya Ispat Nigam Limited (RINL), National Mineral Development Corporation (NMDC) and MOIL are seeking to acquire iron ore assets in Brazil, according to media reports.
All three companies are committed to have presence in mineral-rich Brazil, either by buying a stake in a company operating a mine or buying a mine to develop an iron ore project. NMDC has already started due diligence in a couple of mines in the Amapa province.
NMDC is increasing its capacity to 48 million mt in the financial year 2014-15 from the current installed capacity of 32 million mt per year. While MOIL targets ore production of 2.2 million mt per year by 2020 against the current level of 1,071,000 mt, RINL will ramp up its steelmaking capacity to 6.3 million mt per year from 3 million mt per year.