Foreign Investment Review Board (FIRB) of Australia has given permission to NMDC (National Mineral Development Council) to participate in a rights issue. FIRB has given the green signal to NMDC to invest in Legacy Iron Ore, the Australian arm of the state-owned miner. FIRB’s approval allows the Indian miner to invest up to AUD 12.1 million in the entitlement offer that is presently underway. Proceeds from the entitlement offer will be applied towards the ongoing development of the Mt Bevan iron ore project, repayment of AUD three million Citibank loan facility, and further exploration and development work across Legacy Iron’s iron ore and other assets. In 2011, NMDC acquired 48.8 per cent stake in Legacy Iron. It was the first overseas acquisition done by the Indian miner.
The post Green signal for NMDC to invest in Legacy Iron appeared first on EPC World.