www.legacyiron.com.au
Legacy Iron Ore (ASX: LCY) is a Perth-based Australian exploration company, established to search for iron ore and gold deposits. The flagship project is Mt Bevan Iron Ore project located approximately 100 kilometres west of Leonora in the central Yilgarn region. Mt Bevan is a joint venture between Legacy and Hawthorn Resources whereby Legacy will earn a 60% interest in the project by expending a minimum of $3.5 million to develop the project to a pre-feasibility status.
Legacy Iron Ore in trading halt pending share subscription agreement with NMDC
Legacy Iron Ore (ASX: LCY) has been granted a trading halt by the ASX pending the release of an announcement about the execution of a share subscription agreement with National Mineral Corporation Limited (NMDC) of India.
The company expects to make an announcement on or before the commencement of trading on Tuesday 18th October, 2011.
Legacy secured NMDC as a cornerstone investor in a complex transaction on September 22, and a new company will be the developer of the Mt Bevan JV Iron Ore project, if shareholder and regulatory approval is obtained.
The acquisition and deal would represent the first overseas acquisition by India’s NMDC, which is the country’s largest iron ore producer. NMDC has a $4 billion war chest for acquisitions in bulk commodities.
For its part NMDC would undertake an investment in Legacy and receive 50% of the equity in Legacy, in return for a $19 million investment. Legacy Iron Ore would become NMDC’s exclusive investment vehicle in Australia.
On September 30 Legacy said NMDC was committed to using Legacy for further acquisitions in bulk commodities.
Several projects have already been reviewed by NMDC and Legacy, including an established JORC coal project.



















