Mumbai: State run NMDC Ltd’s arm Legacy Iron Ore Ltd has inked an agreement with Australian based TNG Ltd for acquiring its zinc-lead-silver project in Australia’s northern territory.
The Manbarrum tenements involve three exploration licenses and two mineral authorities, which has a combined area of about 407 sq km. Tennat Creek Gold Pty Lt, a subsidiary of TNG Ltd, fully owns the said tenements.
“The acquisition of Manbarrum project will enable the company to enhance its potential in the major base metal and ferrous area and can also provide an interest in the Legune prospect and other deposits in the region,” said Sharon Heng, Managing Director, Legacy Iron. The company also aims in utilizing the potentials to enhance its future prospects.
An initial cash payment of Aus$ 2 million will be chipped in by Legacy Iron to TNG on completion of the due-diligence and an additional $3 million will be paid in cash of Legacy shares on a deferred basis.
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