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Legacy Iron Ore receives formal offer from NMDC

Legacy Iron Ore (ASX: LCY) has requested a trading halt in its securities pending an update on a formal offer received from National Mineral Development Corporation Limited of India.

The company also said the update would be "regarding a proposal to form a strategic alliance via a cornerstone investment."

The trading halt is expected to last until the earlier of the Company releasing an announcement, or the commencement of trading on Friday 16 September 2011.