Indian giant, Jindal Steel takes over iron project in Ngovayang

Legend Mining company listed on Australian Securities Exchange, has permanently released the Ngovayang iron project in Cameroon, to the Indian giant Jindal Steel and Power Ltd steel.

The Australian mining junior company announced on August 5, 2014, the completion of the sale of its 90% interest in holding company Camina SA, a company incorporated for this mining project, to a subsidiary of the Indian group, which takes possession of its operation 100% of the Ngovayang project from now.

The company said he received the first instalment of 6 million Australian dollars provided in the regulation, in three instalments. The total amount of the transaction amounts to $ 17.5 million. "Legend is now in a good financial position to continue its exploration activities in its Fraser Range possessions on nickel and copper in Western Australia and new opportunities for projects", said Mr Mark Wilson, CEO of the Australian mining company.