Legacy Iron Ore to acquire coal tenements in Queensland

Thursday, 03 May 2012 15:47:32 (GMT+3)   -  
SteelOrbis News

Australia-based miner Legacy Iron Ore Limited (Legacy) has announced that it has entered into an agreement with three companies to acquire six coal tenements in Queensland.

Legacy will pay a total of A$6 million via staged payments to Subiaco Capital, Velarium Holdings and Sara Bella Energy for the coal tenements located in the Surat, Mulgildie and Maryborough coal basins. These tenements are also in close proximity to major roads and the rail network and substantial coal investments have been made nearby by BHP Billiton, Xstrata and, more recently, a number of major Indian corporations.

Legacy stated that these acquisitions are in line with its strategy to broaden its product portfolio following India-based NMDC's acquisition of a 50 percent stake in Legacy.

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