OREANDA-NEWS. June 7, 2011. This is to inform that NMDC has signed a non-binding memorandum of Understanding (MOU) with Australian Stock Exchange listed Minemakers Limited to establish the roadmap for its participation in  development of the Wonarah phosphate deposit located in Northern territory Australia. Under the MOU, NMDC and Minemakers will undertake a joint feasibility study into the agreed aspects of the development of the Wonarah deposit. Upon successful completion of the feasibility study, NMDC proposes to acquire 50% equity in the Wonarah project and participate in the development of the project.

This acquisition will enable NMDC’s entry in Australia’s largest known undeveloped phosphate deposit and contribute towards securing supplies of this critical raw material for the Indian fertilizer industry. The acquisition is subject to the results of the feasibility study and all statutory and mandatory approvals.