Legacy Iron Ore has updated the market on news released to the Indian press regarding the appointment of Mr CS Verma as interim chairman cum managing director of NMDC.

Mr Verma, currently chairman of the Steel Authority of India, will also hold the position of CMD of NMDC.

The Steel Authority of India is the country’s leading integrated steel making company which operates a number of mines and integrated iron and steel plants.

Legacy advised that the current director (technical) of NMDC, Mr NK Nanda, will no longer also hold the position of chairman cum managing director.

Legacy Iron Ore is a Perth based Australian exploration company, established to search for iron ore and gold deposits. The flagship project is Mt Bevan Iron Ore project located approximately 100 kilometres west of Leonora in the central Yilgarn region. Mt Bevan is a joint venture between Legacy and Hawthorn Resources whereby Legacy will earn a 60% interest in the project by expending a minimum of AUD 3.5 million to develop the project to a pre feasibility status.

Source - Proactive Investors

(www.steelguru.com)