I think this is the link zmans is referring...

I think this is the link zmans is referring to:

http://m.economictimes.com/news/news-by-industry/indl-goods-/-svs/metals-mining/actions-not-miracles-bring-about-big-change-nmdcs-rana-som/articleshow/10699142.cms

And this would be the quote by Rana Som that seems to support the assumption that LCY will be the vehicle:

"Legacy is set to become NMDC's Australian arm. We have plans to buy Wonarah and get a sizeable stake in a $1.2-billion phosphate project that is being developed," Som said, adding that NMDC will also get a share of the prospects of Mount Bevan, a large iron ore property in Western Australia where the two companies will invest nearly $1.3 billion.

Firstly, I wouldn't take a quote in any article to be definitive. And the way it is worded still leaves room open for interpretation. Although I must say it does add a bit more support to the LCY/NMDC company being the JV partner for Wonarah.

Either way, it still means that the weight of NMDC will be joining MAK to develop Wonarah, which is sounding more like a reality all the time. But it would be a very big coup for LCY to be part of that JV.

And, very good analysis of Sandpiper Ouisia, agree wholeheartedly with what you say.