NMDC Ltd. is conducting a due diligence to buy the Vinci
coking coal mine in Russia with total reserves of 70 million-100
million metric tons, a senior executive at the state-run Indian company said
Monday.
"NMDC's team is currently evaluating the mine in Russia
and will be back in one-two days. We hope to take a call on this investment by
the end of next month," Finance Director S. Thiagarajan told Dow Jones
Newswires.
Technical Director N.K. Nanda said the acquisition may cost around $60 million,
if the company decides to buy the asset.
He said NMDC may invest up to $400 million to boost the mine's output to 1.5
million tons a year by 2013 from 20,000 tons at present.