At a board meeting held the new Legacy Iron Ore Limited board including recently appointed NMDC representatives, discussed plans for the growth and development of Legacy's existing assets, along with NMDC's commitment to use Legacy as its platform for acquisition and development of mineral assets in Australia.

Legacy has announced the appointment of Mr NK Nanda as chairman of Legacy.

Mr Nanda is the director technical and CMD for NMDC Limited.

Mr Nanda's appointment follows completion of the requirements under the Share Subscription Agreement with NMDC, whereby NMDC has become a cornerstone strategic investor holding 50% of the issued capital of Legacy.

NMDC reaffirmed its commitment to the ongoing development and funding of Legacy's interests in the Mt Bevan Joint Venture agreement. In addition, NMDC committed to expedite the further upgrade of JORC reserves and relevant feasibility studies with a view of bringing Mt Bevan to eventual operation and production.

NMDC Chairman and newly appointed Legacy Chairman Mr NK Nanda added that Mt Bevan will be the initial target project to reflect NMDC's commitment in Australia as an investment destination to expand its resource base worldwide

Mr Nanda confirmed that NMDC is actively pursuing acquisition of mineral assets in Iron Ore, Coking/Thermal Coal and Rock Phosphate in Australia to secure future supplies of these critical raw materials for India's steel and fertilizer production and energy security.