Proactiveinvestors recommends

Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	LCY
Latest Price:	0.11 (4.76% )
52-week High:	0.22
52-week Low:	0.09
Market Cap:	63.94M

1 year chart

1 day chart

Legacy Iron Ore Full Legacy Iron Ore profile here

Legacy Iron Ore (ASX: LCY) is a Perth-based Australian exploration company, established to search for iron ore and gold deposits. The flagship project is Mt Bevan Iron Ore project located approximately 100 kilometres west of Leonora in the central Yilgarn region.

Mt Bevan is a joint venture between Legacy and Hawthorn Resources whereby Legacy will earn a 60% interest in the project by expending a minimum of $3.5 million to develop the project to a pre-feasibility status.

Legacy Iron Ore's major holder NMDC committed to developing Mt Bevan

Wednesday, January 18, 2012

Legacy Iron Ore's (ASX: LCY) 50% shareholder National Mineral Development Corporation Ltd (NMDC) has indicated its commitment to fast track a JORC reserve upgrade and feasibility studies at the Mt Bevan iron ore project in Western Australia.

India's NMDC has pledged support and funding to bring Mt Bevan into production.

NMDC, which is the country’s largest iron ore producer, has a $4 billion war chest for acquisitions in bulk commodities.

NMDC is also pursuing acquisition of other mineral assets in Australia to secure future supplies of coking and thermal coal and rock phosphate for India's steel and fertiliser production.

Mt Bevan will be the initial target project of NMDC to expand its resource base.

An memorandum of understanding between NMDC and Minemakers (ASX: MAK) was executed in June 2011 and negotiations concerning a Joint Venture Agreement are in process.

In 2011, NMDC indicated it was likely to use Legacy Iron Ore as its investment vehicle to make acquisitions.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content 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 further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. 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.