new gordon capital research report, page-2

Interesting reading. Here's the comment from the report.

COMMENT
LCY has established a significant resource at Mt Bevan and on completing its earn in obligations should emerge as a lead player in the Central Yilgarn?s iron ore development.
Legacy has achieved recognition from the giant Indian market place hungry for resources and eager to invest particularly where potentially large resource commodities are available for Indian domestic consumption. While we expect to see more examples of the style of investment now evolving between LCY and NMDC, the opportunity for LCY shareholders to participate appears to have significant upside. When completed, the proposed agreement with NMDC will, we believe, provide LCY with
Gordon Capital Pty Ltd Page 5 of 7
significant impetus, financial and technical resources to further explore and to develop to production a diversified resource portfolio. NMDC have also indicated an intention to use LCY as a vehicle to further expand and acquire additional complimentary resource projects.
Strong Asian, particularly Chinese and Indian demand for quality magnetite continues to fuel the competition to secure access to resource and potential production that the LCY/HAW JV may establish at Mt Bevan. Focusing on the Mt Bevan joint venture in the increasingly recognised Yilgarn iron ore province has already attracted greater attention and we believe a market re-rating.
The Central Yilgarn region is seeing significant iron ore development activity with Jupiter, Fairstar, Cazaly and other Members of the Yilgarn Iron Ore Producers Association (YIPA) as is LCY. This area, unlike the Mid-West of WA, has access to infrastructure, rail, and Port (Esperance) that whilst in need of expansion or upgrade, can be achieved with relatively lower budgets and a shorter timeframe.
Legacy also expects to reach key resource development milestones at its two leading gold projects at Mt Celia, which will contribute substantially to the Company?s value. The Company is considering production alternatives to generate early cash flows including toll treatment of ore at existing regional facilities.