India-based state-run mining company National Mineral Development Corporation (NMDC) is considering acquiring a small coking coal mine in Russia. The company is expected to complete the due diligence process and seek board approval in the next 10-12 days.
The coking coal block in Russia is a small asset with 70 million mt of reserves. "We will try to acquire it. However, eventually, we may dilute part of the holding to any other party to share the investment," said NMDC chairman and managing director Rana Som.
On the other hand, in October NMDC will enter into a memorandum of understanding (MoU) with the major Russian steelmaker Severstal to build a steel plant with an annual capacity of two million mt in Karnataka state