Jindal Subsidiary Acquires Iron Ore And Gold Project


News: A subsidiary of India-based steel and energy company Jindal Steel and Power has signed a deal with Australia-based Legend Mining to acquire a 90% stake in the Ngovayang iron ore and gold project in Cameroon. The Ngovayang project comprises three exploration permits covering around 2,469 sq km. Upon completion of the deal, Jindal will pay Legend Mining AUD12mn (US$11.28mn), with an additional AUD5.5mn (US$5.17mn) to be paid within 10 business days of the execution of a mining convention between Jindal and the government of Cameroon.

This article is tagged to:
Sector: Mining
Geography: Cameroon