Rana Som, chairman and managing director of state-owned miner NMDC that is currently raising money through a follow-on public offer, is something of a contrarian. He believes the government gives employees more decision-making freedom than private sector promoters.
Iron ore miner NMDC is set to buy two Australian iron ore mines
Country's largest iron ore producer NMDC on Wednesday said it is in talks to buy coking coal mines from Kolmar in Russia to feed its proposed steel plants in Chhattisgarh and Karnataka.
NMDC Ltd has decided to set up its second steel plant in Chhattisgarh and is in talks with two companies to form a joint venture. One of them is Tata Steel.
NMDC chairman Rana Som has left for the Panna reserves to assess the production and commercial operations of the mine and understand the commercial viability of the project to come out with a definite date for resuming mining in the area. Last month, the steel ministry had said the reopening of the mine will be a top priority for the government.
NMDC Spice International, a proposed 50:50 joint venture between state-owned miner NMDC and Spice Minerals and Metals, a part of the Spice Energy group, is close to acquiring two iron ore deposits in Armenia. The acquisition is likely to entail an investment of $500 million (Rs 2,173 crore).
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