nmdc india leak

Refer article below that appeared in the Indian media overnight. I note with interest there is mention of phosphate assets for Legacy. Legacy does not own any phosphate assets only gold and FE.

I believe the talk is that as part of the Legacy deal NMDC are going to put a 50% stake of the MAK phosphate asset into Legacy. My understanding is that NMDC only earn the 50% stake in the MAK project upon approval of project finance. I note that this morning Legacy (LCY) have gone into a trading halt yet MAK continue to trade. Suggest we keep a very close eye on the Legacy announcement to see if there is any mention of MAK and phosphate.

Do any of you have any idea of the value of the Australian Rock Phosphate Asset that MAK hold. Furthermore if project finance was to be approved do you have any idea what would the value of the asset increase to?



http://www.domain-b.com/industry/Mining/20110913_legacy_iron_ore.html

http://www.business-standard.com/india/news/nmdc-to-submit-bid-for-australian-firm-by-month-end/146558/on

http://www.thehindubusinessline.com/companies/article2449991.ece


NMDC to make formal bid for 50 per cent in Australia's Legacy Iron Ore soon news


13 September 2011


National Mineral Development Corporation Ltd (NMDC) is expected to submit a formal bid for acquisition of a 50-per cent stake in Australian exploration company Legacy Iron Ore.

The acquisition, expected to cost around $40 million, will give NMDC rights to Legacy's vast rock phosphate and iron ore deposits.

Legacy Iron Ore had, in August, granted NMDC an extension of time to finalise the necessary internal approvals to enable the state-owned miner to make a formal offer for Legacy.

If the deal goes through, it will be NMDC's first overseas acquisition.