Australia-based miner Legacy Iron Ore Limited (Legacy) has announced that it has completed the acquisition of two of the six coal tenements in the Australian state of Queensland.
The acquisition first announced in May this year is a part of Legacy's strategy to build its portfolio of steelmaking raw material assets. Legacy stated that the cash consideration for the acquisition of the two tenements is A$1.85 million.
"An aggressive drilling program and environmental clearances are being prepared to rapidly identify a resource." said Legacy Iron chairman Mr NK Nanda.
As SteelOrbis previously reported, the tenements in question 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.