Sign up Australia
Proactive Investors - Run By Investors For Investors

Legacy Iron Ore gains Citibank $2.7M loan, backed by NMDC

Legacy Iron Ore gains Citibank $2.7M loan, backed by NMDC

Legacy Iron Ore (ASX:LCY) has shown the financial strength and benefit of its largest shareholder, Indian colossus National Mineral Development Corporation (NSE:NMDC) by gaining a low cost loan of $2.7 million from Citibank.

Backed by NMDC’s guarantee, Legacy Iron received loan proposals from multiple banks including Citibank.

The Citibank facility is a short-term loan on "very competitive pricing and terms," the company said.

NMDC under Indian Government’s Ministry of Steel is the country’s largest producer and exporter of iron ore and has a massive balance sheet.

Legacy Iron can draw down the A$2.7 million Citibank loan facility as needed and is still assessing medium term funding requirements and associated capital raising options.

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.





Register here to be notified of future LCY Company articles
View full LCY profile View Profile

Legacy Iron Ore Ltd Timeline

Related Articles

copper tubes
September 07 2017
The latest economic study at Parys Mountain has delivered some encouraging numbers against a backdrop of rising base metals prices
picture of steel mill
December 01 2017
Bushveld will have 59.1% of Vametco once it completes the buy-out of partner Yellow Dragon.
Nickel
May 19 2017
Strategic Minerals has a diversity of assets, including the Cobre magnetite operation in New Mexico and the Redmoor tin and tungsten project in Cornwall

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use