Nalco misses out on Namibian mine

State-owned Indian aluminium group Nalco’s joint bid to acquire a copper mine in Namibia has fallen through after the mine owner decided to withdraw the offer halfway through the process.

Nalco has decided to renew its efforts in the African country by scouting for uranium assets instead.

Last year India and Namibia decided to work together to explore mineral resources, as per an agreement signed between the two countries last year.

Nalco and JV partner Hindustan Copper had completed a survey of the Otjihase mine, close to Windhoek, Namibia’s capital city.

But since then the East China Mineral Exploration group clinched a deal for a 51% stake in mine-owner Weatherly International’s Namibian operations.

The Chinese did not follow it up, which provided a window of opportunity for the HCL-Nalco combine.