Legacy Iron Ore (ASX: LCY) has granted National Mineral Development Corporation (NMDC) Limited an extension of time to finalise the necessary internal approvals to enable NMDC to make a formal offer for Legacy.
The board of NMDC has met and is currently progressing through the final internal processes necessary to approve an investment in Legacy. This is understood to be in line with the requirements of a government controlled entity.
Legacy said it is anticipates that the approved formal binding offer will now be tabled to the Legacy board by mid September.
Legacy has also engaged an independent mining consultancy group to provide an independent valuation on its projects.
The final valuation will be used in reviewing any formal binding offer the company receives.