Minemakers rejects Indian deal report

Reported by AAP
Monday, March 19, 2012
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Minemakers has rejected reports that Indian state-owned miner NMDC is poised to buy all of its rock phosphate reserves, saying it is only in talks to sell half and for a lot more than flagged.

Shares in Minemakers were up 1.5 cents, or 5.36 per cent, at 29.5 cents at 1332 AEDT.

India's Business Standard on Friday cited NMDC chairman and managing director NK Nanda as saying the state-owned entity would complete the acquisition of Minemakers' Wonarah rock phosphate project in the Northern Territory for about $15 million by the end of April.

Such a deal would be NMDC's first overseas acquisition on its own, he said in the report.

But, on Monday, Minemakers said it was in ongoing talks with NMDC on the basis of it buying a 50 per cent interest in Wonarah "for a consideration which includes a cash component materially higher than the reported $15 million".

"In addition, no definitive timetable has yet been established for completion of the joint venture agreement with NMDC, although Minemakers remains committed to working towards an agreement as soon as possible," Minemakers said in a statement.

Minemakers currently is trying to take over its joint venture partner at the Sandpiper marine phosphate project in Namibia, UCL Resources, in which it holds a 13.1 per cent stake.

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