lcy may not be part of the family

From the latest "Hindu Business Line" comes this article. Note the comment at the end that LCY will be used for steel making raw material projects. Looks less likely from that throw away line that LCY will piggy back onto MAK. LCY holders may be a bit cranky over that one.

"The country’s largest iron ore producer and exporter, NMDC Ltd, has announced the conclusion of acquisition of a 50 per cent equity stake in Perth-based Australian iron ore, gold and base metals exploration company Legacy Iron Ore Ltd for a consideration of A$18.89 million.

This deal comes with an intent of furthering its interests in the natural resources sector globally. With this, three members of NMDC have been inducted on the Legacy board.

According to a statement made to the stock exchanges, Legacy based in Western Australia, is developing the Mt Bevan Iron Ore project, which has the potential to be one of the largest resources of iron ore in Central Yilgarn region.

The company is also developing an advanced gold exploration project at Mt. Celia and holds other prospective areas for iron and manganese and also gold at East Kimberley.

Mt. Bevan project

Legacy is earning a 60 per cent interest in Mt. Bevan project from Howthorn Resources Ltd, by committing $3.5 million to exploration and completion of prefeasibility studies before October 2012.

NMDC stated that further to the share subscription agreement entered into between the two on October 20, 2011, both companies have completed the deal. NMDC expects to fund this acquisition through internal accruals. Legacy has also appointed a majority of three NMDC nominee directors out of five on its board.

Following the acquisition, NMDC expects to increase iron ore resource base and utilise Legacy as a platform for Australia to source and secure steel making raw material projects."
"