India’s biggest iron ore manufacturer, NMDC, shall fix on its projected joint venture with ArcelorMittal, initially next month.

The joint venture shall be crafted out for the growth of iron ore mines based at Senegal entailing reserves of approximately 750 million tones. Primarily the fabrication from the mines might be in tune of two million tones, on a yearly basis.

According to Rana Som, chairman and managing director of NMDC, during an interactive meeting planned by the Merchants’ Chamber of Commerce said that they are functioning with a co-operative approach.

NMDC was running with ArcelorMittal and Tata Steel on different projects that integrated staring at global asset growth.

Moreover NMDC was in the course of comprehending development via organic and inorganic directions. Being a part of the organic development, fabrication of iron ore might be amplified from the recent level of 27-28 million tons to 51 million tons by the year 2013-2014.

On the attainment facade, the public sector miner has branded two properties one is in Australia and other in Africa.

One of the properties in Australia was Atlas Iron’s Ridley mission, where NMDC was taking care at a marginal stake. Atlas is preparing to strip 70 per cent stake in the project as per Som.