India’s NMDC reaches agreement to purchase 50 percent stake in Legacy Iron Ore

Thursday, 22 September 2011 15:29:26 (GMT+2)

Indian state-owned National Mineral Development Corporation (NMDC) has reached an agreement to purchase a 50 percent stake in Australia-based mineral exploration company Legacy Iron Ore, which will mark NMDC's first overseas acquisition.

Legacy Iron stated that the board has agreed to a proposal from NMDC, which involves NMDC subscribing for approximately A$18.89 million in equity for 50 percent of Legacy.
While Legacy says that the proposal is subject to shareholders' approval and other legal and regulatory approvals, NMDC notes that this is just an initial investment and further investment will depend on project requirements