Australian mineral exploration company Legacy Iron Ore Limited has announced that the Indian state-owned miner National Mineral Development Corporation (NMDC) has completed due diligence on its proposed acquisition of a 50 percent stake in Legacy and is expected to submit a formal offer during the week commencing August 22, 2011.
In May this year, NMDC had agreed to acquire a 50 percent stake in Legacy which has interests in gold and manganese, besides iron ore. NMDC intends to use its investment in Legacy to expand its geological footprint and position itself for the acquisition of additional iron ore and coal assets in Australia.