NMDC, India’s largest iron ore producer and exporter, has acquired 50% equity stake in Perth based Australian iron ore, gold and base metals exploration company, Legacy Iron Ore (Legacy), for a consideration of A$18.89 million with intent of furthering its strategic interests in the natural resources sector globally.
Further to the share subscription agreement between the companies on October 20, 2011, both the companies have completed various conditions as per the agreement and all necessary regulatory and shareholders’ approvals have been obtained. NMDC will fund the acquisition through internal accruals.
Legacy is primarily an iron ore exploration company that is based in Western Australia, and is developing the Mt Bevan Iron Ore Project, which has the potential to develop into one of the largest resources of iron ore in the Central Yilgarn region in Western Australia.
