India’s biggest iron-ore miner bids for Russia’s Kolar coal mines

Mineweb.com reports today that a deal between NMDC Inc (BOM:526371), and Interego , a subsidiary of Russian Billionaire  Mikhail Prokhorov’s private equity group,Onexim ,is one step closer.  NMDC is based in India, and seeks to acquire four coking coal mines in Northern Russia.

The story is quoted as saying :

RIA Novosti reported that Intergeo, a new mining subsidiary of Russia’s Onexim group private equity fund owned by billionaire Prokhorov, was preparing to sell the Yakutia-based Kolmar Coal Company in northern Russia to NMDC for at least $400 million.

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