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NMDC mulls acquiring 100% stake in its Aussie arm-Legacy Iron

Mining News - Published on Tue, 21 May 2019

Image Source: NMDC Limited
PTI reported that Mr Amitava Mukherjee, Director Finance NMDC, said the Indian iron ore miner currently holds 76% in Legacy Iron Ore Limited, a Perth-based Australian exploration company focussed on development of iron ore, gold and base metal deposits. He said that they have plans to invest AUD 10 million on Legacys gold project to take it up to the next level. Mr Mukherjee said that “We own a majority stake Legacy Iron in Australia. We have currently 76% and are planning to hold 100% in that company. We want to buy another 24% because that would give us the advantage of not listing in the Australian Stock Exchange.”

He said that “But we do not know how to go about it (acquiring the remaining 24 per cent) so we asked people to advice us. De-listing would save us a lot of compliance cost. If it is legally permissible, we want to do and that is something we are exploring.”

NMDC initially acquired about 50% stake in ASX listed Legacy Iron Ore as cornerstone investor for nearly AUD19 million in 2011. Subsequently it increased the stake to 76%.

Legacy Iron Ore holds prospective iron ore tenements in both the central Yilgarn and Pilbara areas of Western Australia.

Source :

Posted By : Rabi Wangkhem on Tue, 21 May 2019
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