Legend Mining (ASX: LEG) has extended by 60 days the deadline for the sale of its 90% interest in Camina, which holds the Ngovayang Project in the Republic of Cameroon, to India’s Jindal Steel and Power.
This sale will net Legend $6 million upon completion and a further $6 million 12 calendar months later.
The two parties now have up to 18 June 2014 to satisfy or waive the remaining conditions.
These include:
- Written consent from minority shareholders of Camina and certain other parties for the transfer of Legend’s rights and obligations to Jindal including the obligation to fund 100% of the project’s development costs up to completion of a Bankable Feasibility Study;
- The parties, executing an amendment to the original share sale agreement that removes the restriction on future assignment and transfers of the shares in Legend Iron BVI by Jindal.
Jindal Steel and Power (BOM:532286) is one of India's major steel producers with a significant presence in sectors like mining, power generation and infrastructure.
The sale allows Legend to pursue other opportunities.
It was on 20 March 2014 awarded the E28/2342 exploration licence in Western Australia’s Fraser Range that is prospective for Nova-style nickel-copper and Tropicana-style structurally controlled gold mineralisation.
The company had recently completed a detailed 50 metre line spaced aeromagnetic/radiometric survey over the entire tenement to identify possible mafic/ultramafic intrusives as well as providing valuable structural information.
Integration of this high quality data with regional geochemical results will be undertaken to identify areas for follow-up exploration.
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