NSL hunts for new JV partner for India project
PERTH (miningweekly.com) – ASX-listed junior NSL Consolidated was on the hunt for a new joint venture (JV) partner for its iron-ore operations in India, after its partner failed to meet requirements.
In January, NSL signed a heads of agreement with India’s Vijay Mining, which is a wholly owned subsidiary of the larger Vijay Group, that would see Vijay inject some A$13.1-million capital into NSL in return for a 40% interest in subsidiary NSL Mining Resources.
However, Vijay was yet to provide the agreed-upon funding, which led to NSL serving the company a default notice in July.
The junior said on Wednesday that it was in continued discussions with Vijay representatives, and while they expect a transfer of “some funds” in the near future, NSL was unsure if the discussions would result in a satisfactory solution.
Mining at the JV area halted in August as a result of an excavator breakdown, and is yet to resume.
In the meantime, the company was progressing discussions with various other parties to replace Vijay in the JV, and stated that these parties were currently conducting due diligence studies.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation