Talks held to acquire a 10% share in $30m mining company that has 350m tonnes of limestone reserves
An Indian joint venture is in advanced talks for acquiring a 10% share in Oman-based limestone miner, Majan Mining Company (MMC), for around $30m.
MMC’s limestone mine is located in West Teetam, near Salalah, and has 350m tonnes of reserves, which have low silica content and high reactivity, making them ideal for the steel industry.
The Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) had teamed up in 2008 to jointly explore and develop limestone mines in the sultanate. Consultancy firm KPMG has valued MMC at around $300m, the JV said.
The SAIL-RINL venture has said they will soon send a merchant banker to Oman for due diligence of the mine.