NMDC gets FIRB’s nod to acquire 50% stake in Legacy

State-run NMDC has received Australia’s Foreign Investment Review Board’s (FIRB) approval to acquire 50% stake in Legacy Iron Ore, a Perth-based iron ore explorer. 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.

India’s largest iron ore miner is eying to lock in iron ore supplies and had inked a Memorandum of Understanding (MoU) with Legacy on May 24, 2011 to acquire 50% equity in the Australian firm.

Earlier, the Indian iron ore producer and exporter had announced that it would invest $18.9 million in order to acquire a 50% interest in Legacy.