Australia’s Foreign Investment Review Board (FIRB) has cleared state-run NMDC’s proposal to acquire 50 per cent stake in Legacy Iron Ore. The Indian iron ore producer and exporter would invest $18.9 million in order to acquire a 50 per cent interest in Legacy, a Perth-based iron ore explorer.
India’s largest iron ore miner is looking to lock in iron ore supplies, and had inked a MoU with Legacy on May 24 to acquire 50 per cent equity in the Australian firm. NMDC and Legacy will jointly develop Mt Bevan iron ore project in Western Australia. Mt Bevan is considered to hold excellent potential for iron resources that are located close to existing road, rail and port facilities, according to Legacy.
