NMDC To Buy $1B Greystone Stake

The National Mineral Development Corporation will buy a controlling stake in mining firm Greystone Mineracao do Brasil.

The National Mineral Development Corporation (NMDC) will buy a controlling stake in mining firm Greystone Mineracao do Brasil, Business Standard reports. The Indian iron ore miner will pay around $1 billion for the stake.

The state run company is at present conducting a technical, financial and legal due diligence of the iron ore mines, which have reserves of 260 million tonnes. Greystone owns six exploratory licences in the state of Bahia in Brazil.

Click here for the story from Business Standard.