INDIA BUSINESS WORLD - DECEMBER 16^th - DECEMBER 31^st - 2007

MERRILL LYNCH BUYS 12.7% STAKE IN RESURGERE MINES AND MINERALS INDIA

MERRILL Lynch International has picked up a 12.74% equity stake in mining firm Resurgere Mines & Minerals India for an undisclosed amount, the mining company said in a statement. Formerly known as Exfin Shipping (India), Resurgere has interests in extracting, processing and selling mineral products and in the exploration and development of mining assets. In a bid to fund the purchase of plant and machinery for setting up its extraction and crushing facilities, the company is planning to tap the capital market. The company also plans to purchase railway rakes to set up its logistics infrastructure facilities from the issue.

Currently, Resurgere operates in Kendujhargarh and Mayurbhanj districts of Orissa and has plans to commence operations in the Singhbhum region of Jharkhand soon. It has already entered into an arrangement with a mine lease-holder in the West Singhbhum district for mining iron ore and using the entire production. The mines carry high quality iron ore of about 62-64% ferrous content. The company sells most products domestically except iron ore fines which it exports to China.