Australia-based mineral exploration company Legacy Iron Ore has announced that it has signed a binding share subscription agreement with Indian state-owned National Mineral Development Corporation (NMDC) whereby NMDC confirms its intention to subscribe for 50 percent of the issued equity of Legacy for A$18.89 million. The agreement is subject to shareholder, regulatory and Australian Foreign Investment Review Board (FIRB) approval.
As SteelOrbis previously reported, last month, Legacy Iron Ore agreed to the proposal of NMDC to acquire a 50 percent stake in Legacy, marking NMDC's first overseas acquisition.