State-run miner NMDC is likely to soon sign an MoU with Vietnam-based Masan Resources for a possible acquisition of a minority stake in a tungsten mine in the Southeast Asian nation, a top company official said today.
“We have got clearance from the Ministry (of Steel) (for the MoU). We are going to have an MoU with Masan Resources very soon.
“Then the due diligence will be done. After that we will take a call on whether to invest (in the mine) and if yes how much. We have a JV partnership with Midhani. DMRL will be supporting in the form of funding the due diligence,” said P K Satpathy, NMDC Director (production), at a press conference.
Defence Metallurgical Research Laboratory (DMRL), associated with the DRDO, is responsible for the development and manufacture of complex metals and materials required for modern warfare and weapon systems.
He said the JV with Midhani, a defence PSU, has also identified some resources in Tasmania, Australia, and one in the UK for exploration. Read More…