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English Release 27-March 2015
Date Month Year
  • President's Secretariat
  • President of India Confers Bharat Ratna on Shri Atal Bihari Vajpayee
  • President’s Ram Navami greetings
  • Vice President's Secretariat
  • Vice President Greets Citizens on Ram Navami
  • Prime Minister's Office
  • PM expresses grief at the passing away of Brigadier T Sailo
  • PM expresses grief at the passing away of former Union Minister Shri PR Kyndiah
  • The Director General of the International Atomic Energy Agency calls on PM
  • Text of PM’s statement to the media after the Bharat Ratna award was conferred to Former PM Shri Atal Bihari Vajpayee
  • Text of PM’s address at inauguration ceremony of “Urja Sangam-2015”
  • Historic Day for India, says PM
  • Team of First All India Services Expedition to Mt. Everest calls on PM
  • PM at Urja Sangam 2015
  • Department of Space
  • ISRO gets Gandhi Peace Prize for 2014
  • Min for Develop. of North-East Region
  • Dr. Jitendra Singh announces 'DoNER at doorstep' concept
  • Min of Agriculture
  • Radha Mohan Singh Emphasises on the Importance of Soil Health Management, Irrigation and Organic Farming
  • Sowing Area under Rabi Rice and Summer Crops
  • Price Stabilisation Fund
  • State-Wise Revised Affected Area under Rabi Crops During end of February to till date 26.03.2015
  • Min of Comm. & Information Technology
  • Commemorative Postage Stamp release on Engineers India Limited (EIL)
  • Government to Invest 10 Billion US $ in the Chip Manufacturing Facilities Coming up in Gujarat and Uttar Pradesh
  • Min of Culture
  • ISRO gets Gandhi Peace Prize for 2014
  • Ministry of Finance
  • Field Offices Under Chief Commissioners of Customs/Central Excise/Service Tax to Remain open tomorrow, 28th March, 2015 to Facilitate filing of Returns/Payment of Taxes
  • FM Stresses the need for use of more Accounted Money and Discourage of use of Unaccounted Money: Focuses on use of Plastic Money such as Credit Card, Rupay Card and Cheques in lieu of Hard Currency

  • Min of Health and Family Welfare
  • Need to enhance awareness among people to encourage organ donation: Health Secretary
  • Min of Home Affairs
  • Government declared National Mourning on March 29, 2015
  • Min of Petroleum & Natural Gas
  • Prime Minister inaugurates Urja Sangam 2015 - India’s Global Hydrocarbon Summit
  • Global crude oil price of Indian Basket was US$ 57.03 per bbl on 26.03.2015
  • Ministry of Railways
  • Report of Committee on Traffic Optimization Presented to Railway Minister within Stipulated Time
  • Suresh Prabhu Inaugurates Landmark Lumding-Silchar (Assam) Broad Gauge Railway Line Project by Flagging off A Goods Train - Bringing This Region on the National Broad Guage Railway Map
  • Min of Rural Development
  • Centre releases additional fund to Drought affected States
  • Min of Science & Technology
  • Dr Harsh Vardhan Dedicates the “Apex Metrology Laboratory” at the National Physical Laboratory in New Delhi Today
  • Min of Textiles
  • Textiles Minister inaugurates 29th India Carpet Expo
  • Ministry of Water Resources
  • Storage Status of 85 Important Reservoirs of the Country as on March 26, 2015
  • Min of Youth Affairs and Sports
  • Government plans to launch - Ek Saal Desh Ke Naam
  • NITI Aayog
  • First meeting of sub-group on rationalisation of centrally sponsored schemes held by NITI Aayog

Previous Date

 
Cabinet Committee on Economic Affairs (CCEA)22-November, 2012 20:20 IST
Acquisition of 50% equity in M/s. Legacy Iron Ore Limited by NMDC Ltd

The Cabinet Committee on Economic Affairs today noted the acquisition of 50% equity shares by NMDC Limited, a Navratna PSU, in Legacy Iron Ore Limited (Legacy), which is a listed entity in Australian Stock Exchange at a total investment of Rs.99.63 crore under the delegated powers available to the Board of NMDC Ltd. The acquisition process has been completed and NMDC has now a majority shareholder on the Board of M/s Legacy.

The total investment of NMDC in Legacy towards acquisition of its 50% share is Rs. 99.63 crore. NMDC has sourced the above funds from its internal accruals.

This is the first overseas acquisition of iron ore resources by an Indian Public Sector Company. This initiative will encourage further acquisition of strategic raw materials overseas by other PSUs for long term mineral security for domestic industry. The process for acquisition has been completed. NMDC has majority in the Board of Directors and management control in Legacy as the major shareholder, which includes powers to reconstitute Board, executive management and delegation of power to CEO etc. NMDC has full control over the funds invested by it into Legacy.

The brief details of the acquisition is as follows:

(i) The Board of NMDC Limited, a Navratna Public Sector Undertaking approved a proposal for acquisition of 50% equity of Legacy Iron Ore Limited, a listed entity in Australia Stock Exchange, at a price not exceeding 8 cents per share aggregating A$18.89 million.

(ii) As approved by the Board, a Memorandum of Understanding and Share Subscription Agreement have been signed between NMDC and Legacy, Australia. The requisite procedural formalities have been completed by NMDC and Legacy for investment in Legacy.

(iii) As per the Share Subscription Agreement, NMDC has been allotted 288,362,699 shares and 155,649,619 options of Legacy and Australian Stock Exchange has approved the induction of shares of Legacy allotted to NMDC for trading on 21st December, 2011.

(iv) NMDC has transferred the first tranche of A$1.5 million (Rs. 8.02 crore approx at conversion rate of Rs. 53.481064/- A$ as on 12th January, 2012) to Legacy's Bank Account on 12th January, 2012. The Second tranche of A$17.39 million (Rs.91.61 crore approx at conversion rate of Rs.52.6785 as on 3rd February, 2012) has been transferred by NMDC to Legacy's Bank Account on 3rd February, 2012. The total investment of NMDC in Legacy towards acquisition of its 50% share is thus Rs.99.63 crore. NMDC has sourced the above funds from its internal accruals.

Background:

Legacy Iron ore Ltd (legacy) is a Perth-based Australian exploration company with focus on iron ore, gold, manganese and base metals. Incorporated in April, 2007 Legacy was listed on the Australian stock exchange (ASX) in July 2008. Legacy has six exploration stage projects in Western Australia. Legacy also has 11.18% shareholding in Hawthorn Resources Ltd (Hawthorn), the registered owner of Mt Bevan iron ore tenements and a listed company on the ASX. Legacy is currently focused on developing the Mt Bevan iron ore project, which has a current Joint Ore Reserve Committee (JORC) compliant inferred Resource of 1.59 billion tonnes of magnetite iron ore at 30.2% Fe. Tests results indicate that iron ore can be beneficiated to 69-70% Fe with around 44% recovery. Legacy also has South Laverton Gold Project having JORC Indicated and. Inferred Resource of 121,454 ounces (oz) of gold.

As part of diversification plan of NMDC Ltd., the Board of NMDC decided to invest in the Legacy Project in Australia. As per the decisions of the Board, a Memorandum of Understanding (MoU) was signed between NMDC and Legacy on 21st May, 2011 and a Share Subscription Agreement was agreed between NMDC and Legacy on 20th October, 2011. The requisite procedural formalities have been completed by NMDC and Legacy for investment in Legacy. NMDC has been allotted 288,362,699 shares and 155,649,619 options of Legacy and Australian Stock Exchange has approved for induction of shares of Legacy allotted to NMDC for trading on 21st December, 2011.

***


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