West Perth — Australian mining company Minemakers Ltd. confirmed last week that it remains in ongoing discussions to sell its Wonarah rock phosphate reserves in Australia’s Northern Territory to NMDC Ltd., a minerals exploration company that is fully owned by the Government of India. In a March 19 statement, Minemakers Executive Chairman Andrew Drummond said NMDC “has very recently made it clear that it continues to have a strong interest in the Wonarah Project.” Referring to news reports that NMDC is set to buy the Wonarah rock phosphate reserves for about $15 million and that NMDC management has said the acquisition will be completed by the end of next month, Drummond said, “Minemakers wishes to clarify that discussions to date with NMDC have been conducted on the basis of NMDC acquiring a 50 percent stake in the Wonarah Project for a consideration which includes a cash component materially higher than the reported $15 million. In addition, no definitive timetable has yet been established for completion of the Joint Venture Agreement with NMDC, although Minemakers remains committed to working towards an agreement as soon as possible.” The Wonarah rock phosphate project is 100 percent owned by Minemakers, and is Australia’s largest undeveloped rock phosphate project.
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