Mining major NMDC Ltd is planning to invest $400 million for acquisition of two coking coal mines from Russia's Kolmar region. According to a report from Reuters, a company official said that its representatives have already inspected the mines and work is on in this direction. With a yearly production figure of 500,000 tons and a combined reserve of 353 million tons (mt), one of the mines is already operational, while NMDC plans to start operations in the other. It has been reported that cost of development of these mines would equal the cost of acquisition. Source: Steel Insights Daily