In a set back to state-owned NMDC’s efforts to acquire assets abroad, Australian firm Minemakers has dropped the iron ore miner as its potential joint venture (JV) partner for developing Wonarah rock phosphate reserves in Australia.
Blaming “NMDC’s inability to make a timely decision” in forging a partnership, Minemakers said that “it can no longer prolong discussions with NMDC” which have remained inconclusive so far.
Noting that NMDC is still seeking inputs from Indian Fertiliser Ministry, Minemakers said in a filing to the Australian Securities Exchange last week that its “Board has determined that it will pursue alternative potential JV partners through a coordinated strategic partnership process.”
The Australian firm, however, said that it has kept the window open for NMDC joining as a JV partner in the fresh selection process for the development of Wonarah deposits, which has already been initiated.
Officials of NMDC could not be reached for comments on the matter.