Indian government-owned iron ore miner NMDC's Australia subsidiary Legacy Iron Ore has signed an agreement with TNG of Australia to buy its zinc-lead-silver project in the northern territory of the country. The Manbarrum tenements consist of three exploration licences and two mineral authorities, which cover a combined area of about 407 sq km.
TNG’s subsidiary, Tennant Creek Gold Pty Ltd owns these tenements. Legacy said in a filing with the Australian Stock Exchange that an initial cash payment of A$2 million will be made to TNG on completion of the due-diligence and no later than 90 days from the signing of the agreement. A further $3 million in cash of Legacy shares will be paid on a deferred basis.