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Jindal Steel acquires stake in Legend Mining's Ngovayang Project in Cameroon

The deal is valued at Rs. 100 crore and would be paid in parts

August 06, 2014 9:38 IST | India Infoline News Service
In a bid to secure raw materials for its steel plant in Oman, Jindal Steel and Power (JSPL) announced that they have bought 100 per cent stake in Australian mining and exploration company Legend Mining's Ngovayang Project in south-western Cameroon for Rs. 100 crore (AUD 17.5 million) 

JSPL plans to direct the raw materials to their newly commissioned two million tonnes per annum (mtpa) steel plant in Oman.

According to reports, the first tranche of 6 million AUD has already been paid, while the next 6 billion would be paid in July 2015. The final installment of 5.5 million AUD would be disbursed after the execution of a mining convention of JSPL and Cameroon Government. 

In November last year, Legend had announced a deal has been struck between them and JSPL, on a share sale and debt assignment agreement (SSDAA) for the sale of Legend's 90% interest in Camina SA, the holding firm of  Ngovayang Project in Cameroon. 

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