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.
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