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Legacy Iron Ore And Hawthorn Resources Renegotiate Mt Bevan Term Sheet

Legacy Iron Ore (ASX: LCY) will structure an alternative term sheet with its joint venture partner Hawthorn Resources (ASX:HAW) over the Mt Bevan iron ore project.

The initial agreement, announced on 21 December 2011, would have seen Legacy invest $5 million to acquire up to 60% of the issued capital in Hawthorn as consideration for the cancellation of the Joint Venture Agreement on the Mt Bevan project.

This agreement has been terminated and the status quo of the previous JV agreement has been reinstated.

The JV partners are in discussions to forge a new deal with renegotiated terms.