NMDC acquires additional 30% stake in Legacy Iron Ore

NMDC has acquired additional 30% stake in Australian mineral exploration subsidiary Legacy Iron Ore at a cost of AUD 12.3 million. Following the stake acquisition, the company’s stake in its Australian subsidiary has increased to 78.56% from 48.82%.

In 2011, NMDC had first acquired 50 per cent equity of Legacy, at 8 cents a share aggregating to AUD 18.89 million. Legacy needed to raise the equity funds of AUD 25 million for advancing its development activity at the Mt Bevan iron ore project as also repayment of an AUD 3-million Citibank loan and further exploration as well as development work across its other assets.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.