NALCO mulls Namibian coal and metal mines

Asia Pulse reported that with an aim to diversify into other minerals and metals, India's leading aluminum maker NALCO is considering buying coal, copper and uranium mines in Namibia. Mr B L Bagra finance director of Nalco said that "We aim to diversify into other metals. At present, we are looking for coal, copper, uranium assets in mineral rich Namibia." The public sector, navaratna firm wants to hedge against price volatility in its core business of aluminum and alumina by foraying into other metals and minerals. The company saw its bottom line shrinking significantly in the last fiscal due to a steep fall in aluminum prices amid the global financial crisis. (Sourced from Asiapulse.com)