NMDC gained 1.91% after the company said after market hours yesterday, 27 October 2016 that it has signed a tripartite memorandum of understanding (MOU) with Government of Madhya Pradesh and Madhya Pradesh State Mining Corporation (MPSMCL) for geological & geophysical exploration of various minerals in Madhya Pradesh. NMDC had made intentions to invest during the global investors summit held in October 2016 for exploration for different minerals in various districts of Madhya Pradesh over an area of approximately 7,200 square kilometers. As per the MOU, on successful establishment of mineral blocks through this proposed exploration, NMDC would be forming a joint venture with MPSMCL with equity 51:49 (NMDC-MPSMCL) for mining of such blocks.
Tata Steel rose 1.59% after the company announced equity partnership for its Canadian Iron Ore mines, significant milestone in Kalinganagar India and continued pursuit of its European strategy. The announcement was made after market hours yesterday, 27 October 2016. Tata Steel Mineral Canada together with its parent companies signed definitive agreements for concluding investments of C$125 million as equity and C$50 million as debt with Government of Quebec's investment entities. Resources Quebec (RQ) and Investment Quebec (IQ) respectively, totalling C$175 million. The investment will result in 18% equity stake for Resources Quebec in Tata Steel Minerals Canada in line with the carrying value of the investment in Canadian iron ore assets for Tata Steel. Consequently, the shareholdings of Tata Steel and New Millennium iron will be adjusted to 77.68% and 4.32% respectively.
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