Legend sells Cameroon iron, gold project to Jindal
PERTH (miningweekly.com) – Metals explorer Legend Mining has signed a share sale and debt assignment agreement with a subsidiary of Jindal Steel and Power to divest of its 90% interest in the Ngovayang iron-ore and gold project, in Cameroon.
Under the terms of the transaction, Legend would receive A$12-million on the completion of the deal and a further A$5.5-million within ten business days of the execution of a mining convention between Jindal and the government of Cameroon.
“We believe the transaction is a good result for Legend’s shareholders. The absence of direct shipping ore at the project, coupled with the current state of global financial markets, has put the further development of the project beyond the reach of an exploration company like Legend,” said MD Mark Wilson.
He noted that Jindal’s proposed investment would be a boost for the project, holding company Camina SA and for Cameroon, adding that it would also allow Legend to pursue new opportunities.
The Ngovayang project comprises three exploration permits covering about 2 469 km2. The project has been subject to a range of exploration activities since Legend acquired its stake in 2010, including mapping, stream sampling, aeromagnetic and radiometric surveys, and over 100 diamond drill holes.
Legend has been seeking a buyer for the project for some time, and initiated discussions with Jindal earlier this year.
Despite an initial surge in the company’s share price on Wednesday, share prices gave back to trade at a low of A$0.01 a share, down from a high of A$0.014 a share.
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