Indian state-owned miner National Mineral Development Corporation (NMDC) has submitted a formal bid to acquire a 50 percent stake in Australian mineral exploration company Legacy Iron Ore Limited. If the Legacy board approves the bid, this will be the first overseas acquisition of NMDC.
While the size of the deal is undisclosed, Legacy has requested the Australian Securities Exchange (ASX) to halt trading of its shares on the ASX until Thursday.
As SteelOrbis previously reported, 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