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.

View full LCY profile View Profile

Legacy Iron Ore Ltd Timeline

Related Articles

copper tubes
May 30 2018
The latest economic study at Parys Mountain has delivered some encouraging numbers against a backdrop of rising base metals prices
1542716805_Strategic-Minerals---Cobre.jpg
November 20 2018
Strategic Minerals has a carefully crafted portfolio of projects in New Mexico, the UK and Australia
1536063673_1-19327052345_bc81a69e58_o.jpg
September 05 2018
Currently, the parcel of land is owned by the government, the company said in a regulatory release

© Proactive Investors 2018

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