Mumbai, June 6 (IANS) India's largest iron ore producer and exporter in the public sector NMDC Ltd Monday said it has signed an agreement with Australian mining firm Minemakers Ltd to participate in the development of the Wonarah phosphate deposit in the northern territory of Australia.

"Under the agreement, NMDC and Minemakers will undertake a joint feasibility study into the agreed aspects of the development of the Wonarah deposit," the company said in a regulatory filing.

"Upon successful completion of the feasibility study, NMDC proposes to acquire 50 percent equity in the project and participate in the development of the project," it added.

This acquisition will enable NMDC's entry in Australia's largest known undeveloped phosphate deposit and contribute towards securing supplies of this critical raw material for the Indian fertilizer industry.

At the Bombay Stock Exchange, the shares of the company were up 0.27 percent to trade at Rs.263.50.