Public RelationsNalco eyes mineral properties in Namibia
With an aim to diversify into other minerals and metals, the country"s leading aluminium maker Nalco is considering buying coal, copper and uranium mines in Namibia.
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"We aim to diversify into other metals. At present, we are looking for coal, copper, uranium assets in mineral-rich Namibia," Nalco Director, Finance, B L Bagra told PTI.
The public sector, navaratna firm wants to hedge against price volatility in its core business of aluminium and alumina by foraying into other metals and minerals. The company saw its bottomline shrinking significantly in the last fiscal due to a steep fall in aluminium prices amid the global financial crisis.
Nalco is in talks with the Nuclear Power Corporation of India to set up a nuclear power plant in Orissa. Uranium is a vital fuel for running such plants.
The company is looking to own commercial coal reserves in the southern African country. It already has captive coal blocks to run its power mills feeding its smelter and refinery plants.
Nalco had earlier said it was also looking for copper properties in another African country, Congo, besides eyeing coal reserves in Indonesia, where it is setting up a 5-lakh tonne per year aluminium smelter and 1,250 MW power plant.