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English Release 1-August 2014
Date Month Year
  • President's Secretariat
  • President of India inaugurates International Conference on Natural Fibres
  • Inauguration of the International Conference on Natural Fibres
  • The President inaugurates New Building of Ghani Khan Chowdhury Institute of Engineering and Technology at Narayanpur
  • President congratulates medal winners in Commonwealth Games
  • Prime Minister's Office
  • PM encourages self-certification in place of affidavits and attestations to benefit the common man
  • U.S. Secretary of State John Kerry and U.S. Secretary of Commerce Penny Pritzker call on PM
  • Former cricketer Anil Kumble calls on PM
  • Min of Agriculture
  • Kharif Sowing Area Crosses 706 Lakh Hectare
  • Steps to Make Farming More Profitable
  • Setting up of National Fisheries Development Board
  • Encouraging Farmers to Use Improved Technology for Cultivation of Cotton
  • Min of Chemicals and Fertilizers
  • Essential Medicines Prices
  • Min of Commerce & Industry
  • Capital Investment Subsidy under NEIIPP
  • Sick/Closed Industrial Units
  • National Design Policy
  • Export Market for Grapes
  • Ban on Import of Products By EU
  • Export/Import of Gems/Jewellery
  • Tea Export
  • Export Target
  • Setting up of Special Board of Spices
  • Min of Consumer Affairs, Food & Public Distribution
  • About 81.35 Crore People to Get Subsidised Foodgrains Under National Food Security Act
  • Food Subsidy Estimated to be Around Rs. 1,31,086 Crore
  • The Steps to Expedite Payment of Pending Dues to Sugarcane Farmers
  • Transportation of PDS Foodgrains Through Sea Route to Ensure Timely Availability
  • Min of Corporate Affairs
  • Unclaimed Investment Fund with Companies
  • Lacunae in Company Laws
  • Min of Defence
  • Defence Offset Policy
  • Naval Warships and Submarines
  • Tailing of Patrols in Border Areas
  • Encroachment of Defence Land
  • Election for Cantonment Boards
  • Amount Due to IAF
  • Maritime Exercise
  • IAF Jaguar Aircraft Crashes
  • Procurement of Fighter Aircraft
  • Arrest of Somalian Pirates
  • Infrastructural Developments in Border Areas
  • Projects of HAL
  • Naval Exercises
  • Procurement of Helicopters
  • Astra and Akash Missiles
  • Defence Production Units
  • Bird-Hits to Military Aircraft
  • Sale of Tobacco Products in Defence Canteens
  • One Rank One Pension
  • Married Accommodation Project
  • Min of Earth Science
  • India Deploys its First Sub-Surface Ocean Moored Observatory in the Arctic
  • Min of Environment and Forests
  • ‘Clean energy path’ is the mantra for Government - Prakash Javadekar
  • Ministry of Finance
  • Transparency in Lending Loans Under Floating Rate Scheme
  • Corporate Employers Encourage to Join National Pension System for Corporates for Providing Pension Benefits to their Employees
  • Utilisation of Accumulated Pension Wealth on exit from the National Pension System for Corporates
  • Sampoorn Vittiya Samaveshan Mission to be Launched Soon to Provide all Households with Banking Services
  • RBI Issues Guidelines for Opening of Bank Accounts of Children
  • Manufacturing of Debit Cards, Credit Cards and other Cards in India
  • Printing of Currency Notes with Braille Signs to Assist Visibly Challenged Persons
  • Compensation by Insurance Companies
  • SBI Launches Six of Digital Branches
  • BRICS Development Bank to be set up to Support Infrastructure and Sustainable Development Projects among others
  • Sanctioned and Acutal Strength of Employees in Central Government; 30,84,530 Civilian Employees in Position
  • Small Saving Schemes for the benefit of all including Weaker Sections of Society
  • No Foreclosure Charges by NBFCS on all Floating Term Loans to Individual Borrowers
  • Infrastructure Trust Funds to be set up to Spur Investments
  • Min of Food Processing Industries
  • Mega Food Parks
  • Setting up of Food Processing Units
  • Increasing Capacity of Cold Chain Infrastructure
  • Min of Health and Family Welfare
  • Recognition of Ayush Colleges
  • Multimedia Campagins for Awareness and Prevention Regarding HIV/Aids
  • Findings from NFHS-I, II and III

  • 872 National Nutritional Rehabilitation Centres Functional in the Country
  • Global Instrument for Health Research
  • Ill Effects from Use of Oxytocin Injection
  • Setting Up of Satellite Units of AIIMS

  • Autism and Related Disorders
  • Medical Colleges Can Now be Set up in Two Pieces of Land
  • Use of Antibiotics
  • ICMR: No Conclusive Data on Effects of Mobile Phone/Tower on Health
  • Enforcement of Anti-Tobacco Laws
  • FSSAI Regulations on Packaging and Labelling
  • Pharmacy Colleges in the Country
  • Financial Assistance to Poor
  • Control of Fluorosis
  • Polio Vaccination for Resident Nationals Travelling to India
  • Cancer Care Facilities
  • Min of Home Affairs
  • Text of Home Minister’s Statement on Disaster in Pune
  • Min of Labour & Employment
  • We must judiciously tap into our natural resources and not mindlessly exploit them - Shri Narendra Singh Tomar
  • Min of Micro,Small & Medium Enterprises
  • Revamped Scheme of Fund for Regeneration of Traditional Industries (SFURTI)
  • Min of Minority Affairs
  • Schemes for Upliftment of Minorities
  • Min of Personnel, Public Grievances & Pensions
  • ACC Appointment
  • Min of Petroleum & Natural Gas
  • Diesel Under-Recovery decreased to Rs 1.33/litre for the fortnight commencing 01.08.2014
  • Ministry of Railways
  • PPP Projects under Railways Running on Profit
  • Railways will Run Six More Trains Connecting Shri Mata Vaishno Devi Katra
  • Railways Take Steps to Promote Religious & Historic Tourism in the Country
  • Railways to Develop 10 Major Railway Stations to International Standards
  • Railways to Provide 400 More Escalators at 172 Stations
  • Min of Statistics & Programme Implementation
  • Survey Regarding Employment in Various Sectors
  • Facilitation Centres under MPLAD Scheme
  • Handpumps under MPLAD Scheme
  • Per Capita Expenditure
  • Min of Textiles
  • Closure of Textile Industries
  • Scheme for Integrated Textile Parks
  • Incentive to Jute Industry
  • Target for Export of Readymade Garments
  • Ministry of Water Resources
  • Storage Status of 85 Important Reservoirs of the Country as on July 31, 2014
  • Min of Women and Child Development
  • Draft Juvenile Justice (Care and Protection of Children) Bill, 2014 circulated for inter-ministerial consultation
  • Min of Youth Affairs & Sports
  • Minister of Youth Affairs & Sports, Sarbananda Sonowal congratulates Indian medal winners on the 8th day in Commonwealth Games 2014
  • Planning Commission
  • Aadhar Grievances

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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(Release ID :89262)

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