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English Release 18-December 2014
Date Month Year
  • President's Secretariat
  • President of India congratulates ISRO for the successful launch of GSLV-MARK III
  • Prime Minister's Office
  • PM greets the citizens of Qatar on their National Day
  • Prime Minister Congratulates scientists for successful launch of GSLV Mk-III.
  • Department of Space
  • First Experimental Flight of India’s Next Generation Launch Vehicle GSLV MK-III Successful
  • Election Commission
  • Facts at a Glance: Jammu & Kashmir
  • Min for Develop. of North-East Region
  • Separate Time Zone for Ner
  • Min of Chemicals and Fertilizers
  • Government Asserts that Prices of Life Saving Drugs have been Reduced

  • Min of Coal
  • Mines under CIL
  • Steps Proposed by the Government to Reduce Such Huge Imports of Coal
  • Clean Energy Tax
  • Min of Earth Science
  • Cyclone Centres in Various Coastal States
  • Ministry of Finance
  • Amended Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
  • Government of India Signs Agreements with Germany worth Euro 625 Million for Financial Cooperation to Support “Green Energy Corridors (GEC)” Project under Indo German Bilateral Development Cooperation
  • Min of Food Processing Industries
  • Harsimrat Badal Launches ‘Fruits and Vegetable Availability Maps of India’ Report
  • Min of Home Affairs
  • PRESS NOTE

  • Union Home Minister hopes for cancellation of bail granted to Zaki ur-Rehman Lakhvi
  • Member of U.S. House of Representatives calls on Union Home Minister
  • Min of Labour & Employment
  • Shri Bandaru Dattatreya Chairs Parliamentary Consultative Committee Meeting
  • Min of Micro,Small & Medium Enterprises
  • Use of E-Charkha and E-handloom in production of Khadi
  • Scheme for promoting the MSME sector
  • Steps taken to promote export of Khadi products
  • Loans from Khadi Board and PMEGP
  • Budget for MSME Sector
  • Min of Mines
  • Mineral Production during October 2014
  • Min of New and Renewable Energy
  • Promotion of Solar Energy
  • Renewable Energy Policy
  • Energy Deficiency Issues
  • Electricity from Paddy Husk
  • Biomass Based Power Generation
  • Min of Parliamentary Affairs
  • Shri M. Venkaiah Naidu congratulates ISRO scientists on successful launch of GSLV Mk-III
  • Min of Personnel, Public Grievances & Pensions
  • ACC Appointment
  • Views invited for proposals on Civil Services Examination
  • No reduction in retirement age
  • Officers belonging to SC/ST/OBC in All India Services
  • ACC Appointments
  • Min of Petroleum & Natural Gas
  • Video conferences for review of DBTL in Punjab & Haryana
  • Global crude oil price of Indian Basket was US$ 57.29 per bbl on 17.12.2014
  • Min of Power
  • Upgradation of Delhi’s Power Infrastructure to Begin Tomorrow
  • Components of DDUGJY
  • Energy Efficiency
  • PLF in Thermal Power Sector
  • Investment in Power Sector
  • Government sets up an Independent Government Company-POSOCO for Reforms in Power Sector
  • Ministry of Railways
  • Railway Minister Flags Off New Shatabdi Express Between New Delhi and Bhatinda
  • Min of Road Transport & Highways
  • E- rickshaws a Great Help to Poor People: Shri Nitin Gadkari
  • SUTP Expected to be Complete by November 2015
  • New Transport Application to be Launched on a Common Portal
  • Min of Shipping
  • Process Improvements in Shipping Sector
  • Min of Skill Development and Entrepreneurship
  • Skill Development Centres
  • Suitable Skills for Labour Market
  • Schemes for Women Entrepreneurs
  • Empowering Institutes for Skill Development
  • Report of National Skill Development Corporation
  • Courses for Skill Development
  • Min of Social Justice & Empowerment
  • De-Addiction Centres in Kerala
  • Higher Learning for Deaf Children in Tamil Nadu
  • Welfare Scheme for Differently Abled People
  • Research and development activities for differently-abled people
  • Reservation in Private Sector
  • Encouragement for enrolment of disabled children
  • Abuse of Elderly People
  • Min of Steel
  • Mines & Steel Minister Shri Narendra Singh Tomar Chairs Consultative Committee on Steel
  • Min of Textiles
  • Prices of Cotton
  • Setting up of Technical Training Institutions
  • Promotion of Chanderi Textile Industry
  • Trade Facilitation Centre
  • Min of Urban Development
  • Shri M.Venkaiah Naidu stresses on proper exhibition, showcasing and marketing of renowned brands of India
  • Process of regularization of unauthorized colonies in Delhi extended upto 31.03.2015
  • Swachh Bharat Mission
  • Solid waste management one of the admissible components under Swachh Bharat Mission
  • Status of extension of Metro line to NOIDA Sector 62
  • Ministry of Water Resources
  • Survey on Ground Water
  • Water Quality
  • Construction of Dams along Borders
  • Min of Women and Child Development
  • Measures by Government to protect Child Rights
  • Targeted Interventions to deal with Malnutrition
  • Community based Management Programme for Women & Children
  • Planning Commission
  • AADHAAR ecosystem has provisions to ensure data security
  • Governments’ programmes to ensure inclusive growth

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.

***


SH/SK
(Release ID :89262)

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