Jindal Steel grants 1.6 billion to Legend Mining for Ngovayang railway project

Legend Mining Ltd., a mining company listed on Australian Securities Exchange, received $ 3 million (approximately 1.6 billion FCFA) from the Indian company Jindal Mining and Exploration Ltd on September 15, 2015.

This transfer is for Camina SA, the company incorporated for the Ngovayang railway project, South of Cameroon.

This is the first instalment of a total of 6 million $ (approximately 3.2 billion FCFA) pertaining to a rescheduling of debt, and the balance will be paid December 15, 2016, with arrears of interest of 4% per annum to be paid on a quarterly basis, said Legend Mining.

As a reminder, Legend Mining sold, for a total consideration of 17.5 million $ (about 9.6 billion FCFA), its 90% interest in the company Camina SA branch of Indian steel, Jindal Steel and Power Ltd. giant. Since then, Jindal Steel and Power Ltd. holds 100% iron Ngovayang draft, which includes three exploration licences covering about 2970 km2 in the South of Cameroon.

Legend Mining Ltd. was liberated from its interests in the Ngovayang project, as part of a strategy of consolidation of its financial situation, to further focus on exploration activities in the Fraser Range (Western Australia) possessions on nickel and copper.