Legend Mining

A$17m Sale of 90% Interest in Ngovayang Iron Ore Project to Jindal Steel & Power Limited

August 2014

On 20 November 2013, Legend Mining announced that it had reached agreement with Indian conglomerate, Jindal Steel & Power Limited, to sell its 90% interest in the Ngovayang iron ore project in Cameroon, for upfront consideration of A$12 million plus a further A$5.5 million upon execution of a Mining Convention between JSPL and the Government of Cameroon.

Following satisfaction of various conditions precedent, the transaction completed in August 2014.

Azure Capital advised Legend in relation to the transaction.