Merrill Lynch International has picked up 12.74% stake in Resurgere Mines & Minerals India (RMMI), which is engaged in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. RMMI has diverse product range consisting of various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and Iron ore fine etc. and bauxite. It sells all these products domestically except iron ore fines which it exports to China.
The Company currently operates in Nuagaon, Kendujhargarh district and Maharajpur, Mayurbhanj district of Orissa and it purports to commence operations in Singhbhum district of Jharkhand in the near future. It has entered in to long term contracts for these mines, Nuagoan and Maharajpur, with the leaseholders for raising and purchasing of iron ore. It has also entered into similar arrangement with a leaseholder in a mining area in the West Singhbhum district of Jharkhand for the raising of iron ore and then supply of entire production of the mine to it. All the three mines carry high quality iron ore of about 62% – 64% Fe content.