Legacy Iron Ore has appointed three senior Indian business figures to its board, following shareholder approval of India’s National Mineral Development Corporation’s (NMDC) purchase of a 50 per cent interest in the company at Friday’s extraordinary general meeting.
The Perth-based company announced today NMDC’s Rana Som, Swaminathan Thiagarajan and Narendra Kumar Nanda have joined Legacy as non-executive directors, as part of the $18.9 million share subscription agreement between the two companies.
Mr Som is NMDC’s current chairman-cum-managing director, while Mr Thiagarajan is the company’s finance director.
Mr Nanda is the technical director for the company, and is a fellow member of the Indian Institution of Engineers and a council member of the Mining Engineers Association of India.
Legacy also announced the resignation of Tim Turner and John Hebenton as non-executive directors.
Mr Hebenton will continue in the position of chief executive officer.
Legacy managing director Sharon Heng said the company would be unique among Australian public companies in having that level of Indian representation on the board.
“Mr Som, Mr Nanda and Mr Thiagarajan will bring in excess of 75 years worth of managerial and mining experience to Legacy at a time when the company is seeking to develop its current assets and secure additional resource projects,” Ms Heng said
“This experience and their networks throughout India and Asia will be invaluable as we transition from a junior explorer into a diversified resources company.”
Legacy shares were down 1 cent to 12.5 cents at 1.10pm WST.
