05/08/2014 - 15:25

Legend completes Camina sale

05/08/2014 - 15:25

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Legend Mining has completed the $17.5 million sale of its Ngovayang project in Cameroon to a subsidiary of India’s Jindal Steel and Power.

Legend completes Camina sale
Legend has sold its stake in a Cameroon iron ore project.

Legend Mining has completed the sale of its Ngovayang project in Cameroon to a subsidiary of India’s Jindal Steel and Power.

Legend held a 90 per cent interest in Camina, the holding company of the project in the Republic of Cameroon.

The sale was worth $17.5 million, with the first tranche of $6 million paid.

Legend will receive a further $6 million in July 2015, and $5.5 million following execution of a mining convention between Jindal and the Cameroon Government.

Legend managing director Mark Wilson said he was grateful to all those concerned.

“Legend is now in a strong position financially to pursue exploration activity on its wholly owned Fraser Range tenements and new project opportunities,” he said.

“We now have cash and liquids of $15 million with an unconditional contract for a further $6 million in 12 months and a further $5.5 million upon Jindal achieving a Mining Convention.”

Legend was unchanged at 30 cents per share at the close.

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