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MARKET UPDATE ON NMDC TRANSACTION
Legacy Iron Ore Limited (“Legacy”) wishes to announce that the board of National Mineral Development Corporation Limited (“NMDC”) has met and is currently progressing through the final internal processes necessary to approve any investment in Legacy.
The approval sought is in line with the requirements of a governmentcontrolled entity. Legacy is encouraged by the ongoing discussions with NMDC and as such, Legacy has granted NMDC an extension of time to finalise the necessary internal approvals to enable NMDC to present their formal offer for consideration by the Legacy board in due course.
It is anticipated that the approved formal binding offer will now be tabled to the Legacy board by mid September.
Legacy has also engaged a well-known independent mining consultancy group to provide an independent valuation on its projects. The final valuation will be used by Legacy in reviewing any formal binding offer it receives.
An update to the market will be provided in due course.
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