when the dust settles

Have a look at what might happen in the near future.

They will have completed the 60% ownership of Mt Bevan by the end of 2011 according to page 2 of today's document.

The NMDC mob will get moving on the mining of that project quickly because of the following:
i. Experience in large scale Iron Ore production.
ii. Relationships with international Iron Ore customers.
iii. Project management experience in developing Iron Ore resources.

because they have

iv. Financial strength, with over USD $4 billion in cash.

Meanwhile,
"the Board of Legacy plans to consider a spin-off of certain assets into a new entity, to be listed on ASX."
And they say that this will happen because of the cash injection.

It looks to me like they will spin off the goldies (East Kimberley and Laverton) Only my guess, of course.
I wonder who will be involved in that.
Well, they say this:
"NMDC is also actively pursuing coal, copper, diamonds, gold and other metals, through acquisitions and joint venture opportunities, and will use Legacy as its main vehicle to exploit these opportunities."

So it looks to me like they are going to be a two trick pony, the first being the bulk iron ore production, but the second being the gold/precious metal company involved in a variety of joint venture projects funded by NMDC.

And as they say, they are going to get into the mining business which will make some real money.

I think I might hold on for a while.