In a filing to the BSE, NMDC said it fixed the price of lumps or high-grade iron ore at Rs 5,100 per tonne, and that of iron ore fines or inferior grade ore at Rs 4,210 a tonne. Legacy Iron Ore News and Updates from The Economictimes.com. The PPDS is also expected to be in place within a fortnight. In December 12, 2011, the company incorporated a special purpose vehicle (SPV) company by the name of NMDC Power Ltd for the purpose of setting up a power plant for captive power supply to the 3 MTPA integrated steel plant being constructed at Nagarnar. 101, Ackruti Trade Centre, Road No. For its part NMDC would undertake an investment in Legacy and receive 50% of the equity in Legacy, in return for AUD 19 million investment. NMDC and Indian Rare Earths Limited signed a MoU on 2 April 2018 to explore opportunities in rare earths in India and abroad and also in setting up downstream value chain for RE compounds. All rights Reserved. 20200831-45 dated August 31, 2020 and other guidelines issued from time to time in this regard. Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide NSE circular reference NSE/INSP/45191 dated July 31, 2020; BSE Notice no. Name of Investment Adviser as registered with SEBI : ICICI Securities Limited Type of Registration : Non Individual Registration number : INA000000094 Validity of registration : Valid till suspended or cancelled by SEBI Address : ICICI Securities Limted, Unit No. Also, they ventured into new area - Wind Energy and they commissioned seven unit wind electricity generators having the capacity of 1.5 MW. In pursuance of the SEBI (Prohibition of Insider Trading) Regulations, 2015 and its amendments, and the Company`s Internal Code of Conduct for Prevention of Insider Trading, the trading window for dealing with the securities of the Company shall remain closed from 8th March 2021 to 13th March 2021 (both days inclusive), in connection with the above sch. Iron ore production for the month of January 2021 stood at 3.86 MT (million tons) against the production level of 3.31 MT in January 2020, thereby registering a growth of 16.7%. Mining major NMDC has reported a 19% increase in iron ore production and 12% growth in the sales during February compared to the achievement in the corresponding period last fiscal. The National Mineral Development Corporation (NMDC), India's state-owned miner, has announced plans to acquire the remaining interest it does not already own in Australia’s Legacy Iron Ore. On 3 November 2015, NMDC unveiled Vision 2025 plan that seeks to reorient its business model and strategize effectively to retain its market leadership in the domestic market and also make a mark on the global mining scene to ensure raw material security for Indian industry. ICICIdirect.com is a part of ICICI Securities and offers retail trading and investment services. ), which is the only mechanised diamond mine in Asia, with a yearly production of around 38,149 carats. 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Copyright© 2020. Capita... NMDC achieved monthly production of 3.86 million tons (provisional) of iron ore in Februar... NMDC has restarted Donimalai Iron Ore Mine on 18 February 2021 after obtaining the Lease ... NMDC announced that the prices of iron ore with effect from 07 February 2021 have been fix... NMDC has achieved iron ore production of 3.86 MT in January 2021 compared to 3.31 MT in Ja... Khanji Bhavan 10-3-311/A, Castle Hills Masab Tank, Hyderabad, Telangana, 500028. The explorer recently informed the Australian Securities Exchange that the company plans to issue a '3 for 4 pro-rata non-renounceable entitlement offer' to its shareholders. They incorporated a joint venture `NMDC-CMDC Limited` with Chhattisgarh Mineral Development Corporation Limited to develop Bailadila iron ore Deposit No. : NSE/INSP/27346, BSE : Notice 20140822-30.) They sell their core products, iron ore fines, lump and slimes, through the company`s sales and marketing function. You are advised not to trade on the basis of SMS tips and to take an informed investment decision based on authentic sources.... issued in the interest of investor of investor (RefNSE : circular No. NMDC is buying 50 per cent stake in Legacy Iron Ore for nearly 19 million Australian dollars, which will mark the PSU's first-ever overseas acquisition. NMDC, the country's largest iron ore producer, and a Navratna CPSE, after a remarkable performance in the crisis year of 2020 has continued with its excellent performance in the first month of the year 2021. With a mission to increase shareholder wealth through capital growth, Legacy Iron has a commitment to discovering viable mineral deposits and developing them into profitable mining operations. After over two years, state- owned NMDC Ltd. resumed production of iron ore from Donimalai Mines in Karnataka, the public sector enterprise said on Thursday. NMDC is in a sweet spot and is expected to benefit from sustained high domestic iron ore prices as a supply deficit in the domestic market is likely to remain until FY2023 (ramp-up of production at the Odisha mines would take time) and sustained elevated international iron ore prices >$110-120/tonne over FY2022E-FY2023E (high demand from China and lower production guidance by Vale). NSE/INSP/45534 dated August 31, 2020; BSE Notice No. State-owned National Mineral Development Corporation (NMDC) has reached an agreement to purchase a 50 per cent stake in Australia-based Legacy Iron Ore as … Share this on : NMDC has signed an MoU with Legacy Iron Ore, a Australia based mineral exploration company. SECTOR : Mining & Mineral products During the year, the company was Conferred the Navratna status by Department of Public Enterprise, Government of India which enabled the Board of Directors of the company to exercise certain enhanced capital expenditure powers without reference to Government of India. On 23 January 2015, NMDC signed contract agreements with Larsen & Toubro Ltd on water packages for NMDC`s upcoming 3 MTPA integrated steel plant steel plant at Nagarnar in Chhattisgarh. NMDC Ltd is the largest iron ore producer by volume in India. Any change in its prices has a direct impact on the rates of steel. On 7 June 2013, NMDC signed Memorandum of Understanding (MoU) with MOSI OA TUNYA DEVELOPMENT COMPANY of Zimbabwe for mineral projects in Zimbabwe. It also plans to expand production at Donamalai mine from 43mtpa to 67mtpa by 2022. In the year 1998, the company was conferred with the Mini Ratna status by Department of Public Enterprise, Government of India, which enabled Board of Directors to exercise certain capital expenditure powers without reference to Government of India. The mine has the distinction of having unique down-the-hill conveyor system passing through a tunnel to transport iron ore from crushing plant to processing plant. With this, the Indian firm has move a step closer to its first overseas acquisition. Update your mobile numbers/email IDs with your stock brokers. September 1, 2020. Whirlpool India 2,528.00 265.6. NMDC announced the prices of iron ore with effect from 06 March 2021 as under: NMDC announces prices of iron ore effective 6 Mar, NMDC achieves higher production and sales performance in Feb, NMDC restarts Donimalai Iron Ore Mine on receipt of lease extension, NMDC achieves higher production and sales performance in Jan. Due to nationwide lockdown, we are unable to send physical contract notes and other statements to those clients who have opted for physical contract notes / other statements or digital and physical contract notes / other statements or on whose email Id contract notes / other statements have bounced. During the year 2010-11, the company signed an MoU with OJSC Severstal, Russia, to jointly set up an Integrated steel plant with an initial capacity of 2 million TPA in Karnataka. “This is to inform … India’s largest iron ore miner NMDC, has witnessed a strong growth in production and sales during February 2021 with production for the month at 3.86 million tonnes (mt), up 19 per cent from 3.24 mt of ore mined in the corresponding month in February 2020. India’s largest iron-ore miner, state-run NMDC Ltd, said on Wednesday it has recorded its strongest monthly production in February, which will ease a crippling shortage of the steel-making ingredient in the country. The Indian miner has recorded over 22% growth in net profit for the fiscal year 2018-19, due to the increase in iron ore prices. NMDC and Legacy signed a memorandum of understanding in May 2011 and entered into a share-subscription agreement in October that year. This alliance would strengthen both NMDC and MIDHANI to explore jointly the Tungsten assets in India and abroad for investment and development of technologies for converting Tungsten ore to APT and Tungsten powder. NMDC and Legacy signed a memorandum of understanding in May 2011 and entered into a share-subscription agreement in October that year. In the year 2002, the company commenced production of iron ore from Bailadila Deposit No.10/11A. 4,210 per ton Note: The above FOR prices are excluding Royalty, DMF, NMET, Gess, Forest Permit Fee and other taxes. They entered into an MoU with Spice Metals and Minerals for the formation of a strategic partnership for planning, acquisition, development and management of metal and mineral projects outside India. Legacy Iron Ore Ltd is engaged in the exploration and development of mineral properties. The Board of Directors of NMDC at its meeting held on 8 October 2012 decided to fix iron ore prices for domestic customers on monthly basis from the month of October 2012. NMDC to buy Legacy Iron Ore for Rs92 crore 2 min read. Australia-based mineral exploration company Legacy Iron Ore has announced that it has signed a binding share subscription agreement with Indian state-owned National Mineral Development Corporation (NMDC) whereby NMDC confirms its intention to subscribe for 50 percent of the issued equity of Legacy for A$18.89 million. India’s largest iron-ore miner NMDC secures record monthly output Posted on March 3, 2021 by IAC Desk in Metals India’s largest iron-ore miner, state-run NMDC Ltd, said on Wednesday it has recorded its strongest monthly production in February, which will ease a crippling shortage of the steel-making ingredient in the country. 5,100 per ton ii) Fines (64%, -10mm) @ Rs. NMDC is now the majority shareholder of the company that is currently developing the Mt Bevan iron ore project with a reserve of 1.59 billion tonnes of magnetite iron ore of 30.2% Fe grade. NMDC, the country's largest iron ore producer, and a Navratna CPSE, after a remarkable performance in the crisis year of 2020 has continued with its excellent performance in the first month of the year 2021. NMDC in pact with Legacy Iron. ICICI Securities Ltd. ®trademark registration in respect of the concerned mark has been applied for by ICICI Bank Limited, Dividend Intimation of date of Board Meeting scheduled on 11th March 2021 to consider the proposal for declaration of Interim Dividend, if any, for the financial year 2020-2021, NMDC LTD.has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 11/03/2021 ,inter alia, to consider and approve Notice is hereby given that a Meeting of Board of Directors of the Company is scheduled to be held on Thursday the 11th March 2021, inter-alia, to consider, the proposal for declaration of interim dividend, if any, for the financial year 2020-21. New Delhi: The largest iron ore miner NMDC has left the price of lump ore unchanged at Rs 5,100 per tonne and Rs 4,210 per tonne for fines in its latest price revision announced on Saturday. NSE : NMDC. Nifty 13,749.25 148.15. ICICI Securities Limited acts as a Composite Corporate Agent of ICICI Prudential Life Insurance Company Ltd and ICICI Lombard General Insurance Company Ltd, CARE Health Insurance & Star Health and Allied Insurance having registration no. Any change in its prices has a direct impact on the rates of steel. NMDC also plans to increase the existing 29 million tonnes per annum (mtpa) capacity in the Bailadila iron ore mines to 38mtpa. NMDC announced that the prices of iron ore with effect from 07 February 2021 have been fixed as under: i) Lump Ore (65.5%, 6-40mm) @ Rs. Pay minimum 20% upfront margin of the transaction value to trade in cash market segment. On 1 March 2018, NMDC announced that its upcoming steel plant at Nagarnar, Chhattisgarh took the first decisive step towards commissioning by starting the 220KV GIS (Gas Insulated Switch) Main Receiving Sub-station. Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month. State-owned National Mineral Development Corporation (NMDC) Limited is mulling to own 100 per cent stake in Australian arm Legacy iron by acquiring the remaining 24 per cent shares and delisting it from the Australian Stock Exchange (ASX), a senior official of the PSU has said. Race for resources -NMDC become cornerstone investor in Legacy Iron Ore. Benchmarks . NMDC announced the prices of iron ore with effect from 06 March 2021 as under: Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge. The company would invest $18.9 million in order to acquire a 50% interest in Legacy. In the year 2009, the company entered into an MoU with Steel Authority of India Limited for the development of the Arki Limestone deposit for the supply of low silica high grade limestone primarily to the steel plants of the company and Steel Authority of India Limited. On 7 April 2017, NMDC announced that it registered highest ever annual iron ore production of 34.03 million tonnes and highest ever annual iron ore sales of 35.62 million tonnes in 2016-17. Issued in the interest of Investors (Ref NSE : Circular No. The company sells most of their high grade iron ore production to the Indian domestic steel market, primarily pursuant to long term sales contracts. NMDC plans to invest A$10m ($6.9m) in Legacy’s gold project to take it up to the next stage of iron exploration, Mukherjee added. Disclaimer : ICICI Securities attempts to ensure the highest level of integrity, correctness and authenticity of the content and data updated on the site. The company would invest $18.9 million in order to acquire a 50% interest in Legacy. In the year 1977, they commenced production of iron ore from Bailadila Deposit No.5 and Donimalai Iron Ore Mine. New Delhi: The largest iron ore miner NMDC has left the price of lump ore unchanged at Rs 5,100 per tonne and Rs 4,210 per tonne for fines in its latest price revision announced on Saturday. Legacy Iron Ore News and Updates from The Economictimes.com. NSE Gainer-Large Cap . Tungsten (W) metal is of strategic importance to India because of its essential requirement in the manufacture of Tungsten based heavy alloy ammunition systems for the country`s armed forces. NMDC being a strong mining company with experience in acquisition of mineral assets abroad and MIDHANI having expertise in metals and alloys providing technical support and coordination for Ammonium Para Tungstate (APT) can combine their complementary strengths to pursue a win-win venture in developing the identified tungsten mineral assets in India and abroad. Going forward, NMDC has a target of achieving 50 MT production capacity by 2023, and 100 MT by 2030," P K Satpathy, NMDC Director, Production, told. In the year 1966, the company acquired the Panna Diamond Project. NMDC to buy Legacy Iron Ore for Rs92 crore The designated organization of the Ministry of Tourism and Hospitality Industry, Government of Zimbabwe has invited NMDC as a strategic partner to invest in the exploration and development of the iron ore, coal, Gold and chrome tenements. The Coke Oven Plant will be executed within the overall time frame of 33 months. Country's largest iron ore miner NMDC has left the price of lump ore unchanged at Rs 5,100 per tonne and Rs 4,210 per tonne for fines in its latest price revision announced on Saturday. Legacy Iron Orehas secured NMDC as a cornerstone investor in a complex transaction and a new company Newco will be the developer of the Mt Bevan JV project, if shareholder and regulatory approval is obtained. 7, Midc, Andheri – East - 400093 Telephone numbers : 022- 4080393 Name of Principal Officer : Mr. Anupam Guha Contact no : 022- 40840393 Email id : mfadvisory@icicisecurities.com Corresponding SEBI regional / local office address : Securities & Exchange Board of India, Plot No.C4-A, 'G' Block Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, Attention Investors : Prevent unauthorized transactions in your account. Odisha iron ore miners have increased prices by more than 100% in the last three months and it is currently at Rs 6,450 per. NMDC had, in December 2018, suspended mining in Donimalai due to a legal battle with the Karnataka government over the issue of imposition of premium on the sale price of the iron ore extracted from the mines. Currently, it operates a coking coal mine in Benga, Mozambique, through International Coal Ventures, a joint venture delivering metallurgical coal and thermal coal assets in overseas territories. Member of National Stock Exchange of India Limited (Member code: 07730), BSE Limited (Member code: 103) & Metropolitan Stock Exchange (Member code: 17680),Multi Commodity Exchange of India Limited (Member code: 56250) SEBI Registration number INZ000183631. Subsequently it increased the stake to 76 per cent. In a major boost to iron ore output, NMDC has begun mining operations at Donimalai mine in Karnataka.The mining operations were stalled due to delays in securing government nod.Also read: Iron-ore … Country's largest iron ore miner NMDC has left the price of lump ore unchanged at Rs 5,100 per tonne and Rs 4,210 per tonne for fines in its latest price revision announced on Saturday.. Iron ore is the key raw material used in steel making. Wednesday, 25 May 2011. CA0113 valid till 31-Mar-2022. In a major boost to raising iron ore output, NMDC has begun mining operations at Donimalai mine in Karnataka, work on which was stalled after issues related to mining renewal was delayed. However, we may have not reviewed all of the contents and data present on the site and are not responsible or we take no guarantees whatsoever as to its completeness, correctness or accuracy since these details are acquired from third party. The National Mineral Development Corporation (NMDC), India’s state-owned miner, has announced plans to acquire the remaining interest it does not already own in Australia’s Legacy Iron Ore. NMDC initially acquired around half of the Australian firm in 2011, but has since increased its stake to 78.56%. NMDC Ltd, the country’s largest iron ore miner, has obtained a firmer grip over its Australian mineral exploration subsidiary by acquiring around 30 per cent additional stake. Availability of tungsten in India is very limited and not being mined as it is economically not viable. On 29 June 2015, NMDC signed a tripartite MoU with the Union Steel Ministry and the State Government of Jharkhand for setting up of a steel plant at Jharkhand. On 24 October 2016, NMDC and Mishra Dhatu Nigam Limited (MIDHANI) signed a MoU for Tungsten Mining & Development of Processing Technology. State-owned NMDC has reached an agreement to buy a 50 per cent stake in Australia-based Legacy Iron Ore as cornerstone investor for nearly 19 million Australian dollars, which will mark the PSU's first-ever overseas acquisition. In the year 1968, they commenced production of iron ore from Bailadila Deposit No.14. Powered by Capital Market - Live News (This story has not been edited by Business Standard … NMDC gets time till September for Legacy Iron Ore bid - Mining company NMDC plans to complete the bidding process for acquiring a 50% stake in Australian mining company Legacy Iron Ore … State-owned NMDC and Australia- based Legacy Iron will jointly invest around $1.3 billion to develop Mt Bevan iron ore project in Western Australia. In October 20, 2011, the company signed the share subscription agreement with Legacy Iron Ore Ltd, Australia for holding 50% of the total shares in the capital of Legacy Iron Ore Ltd, Australia, at a price aggregating to AUD 18.89 million. Bailadila-14 mine is the first large scale open cast mechanised iron ore mine in India for which DPR was prepared by NMDC. The government Thursday took note of NMDC's acquisition of 50 percent stake in Australia's Legacy Iron Ore for Rs 99.63 crore. It has also applied for the allocation of tenements to explore tungsten. Security Code : 12059 | Company : NMDC Ltd, Lump Ore ( 65.5%, 6-40mm) @ Rs 5,100/- per ton NMDC initially acquired about 50 per cent stake in ASX listed Legacy Iron Ore as cornerstone investor for nearly AUD19 million in 2011. 13. Updated: 22 Sep 2011, 10:34 AM IST PTI . In a major boost to raising iron ore output, NMDC has begun mining operations at Donimalai mine in Karnataka, work on which was stalled after issues related to mining renewal was delayed. NMDC Director (Finance) S Thiagarajan said that the project will be developed on 70:30 debt and equity ratio and the investment will start pumping in once formalities for acquiring 50 per cent stake in Legacy by NMDC are completed. NMDC Director (Finance) S Thiagarajan said that the project will be developed on 70:30 debt and equity ratio and the investment will start pumping in once formalities for acquiring 50 per cent stake in Legacy by NMDC are completed. NMDC, which is India’s largest iron ore group is looking to lock in iron ore supplies, and had earlier inked an MOU with Legacy Iron to acquire 50% equity in the company. The company’s iron-ore production during the month rose by 19% on year to 3.86 million tons, while sales rose by 12% to 3.25 […] It holds a diverse portfolio of assets spanning iron ore, gold and base metals. Mr Mehta has in excess of 35 years of experience in the areas of iron ore mining, iron & steel production and the copper Industry, with experience gained from within India and abroad. Mining major NMDC has reported a 19% increase in iron ore production and 12% growth in the sales during February compared to the achievement in the corresponding period last fiscal. In Australia, Legacy Iron Ore, a majority-owned NMDC company, holds majority stakes in gold and iron ore projects in Western Australia. NMDC finance Amitava Mukherjee was quoted by The New Indian Express as saying: “We are planning to acquire the remaining stake in Legacy and may delist the company from the Australian Stock Exchange in the future after the full take-over as there is a lot of compliance-related expenditure.”. In January 2010, the company entered into an MoU with Department of Mines & Geology (DMG), Govt. Updated: 22 Sep 2011, 10:34 AM IST PTI . Iron ore production for the month of January 2021 stood at 3.86 MT (million tons) against the production level of 3.31 MT in January 2020, thereby registering a growth of 16.7%. NMDC said at that time that it has completed this project having iron ore production capacity of 7 Million Tonnes Per Annum (MTPA) with an investment decision of over Rs 600 crore. In January 29, 2010, the company signed an MoU for joint exploration work for Iron ore in Kadapa, Kurnool, Chittoor and Karimnagar Districts and for Gold in Chittoor and Anantapur districts of A.P. During the year 2009-10, Government of India disinvested 8.38% of their holding in the company aggregating 332,243,200 equity shares of the face value of Re.1/- each through an Offer for Sale. State-owned NMDC has reached an agreement to purchase a 50 per cent stake in Australia-based Legacy Iron Ore as cornerstone investor for nearly 19 … NMDC officials said that the firm is also looking to purchase a coking coal mine in Zimbabwe. NMDC has also constantly been hiking prices and it is considering another price increase this month. 20200731-7 dated July 31, 2020 and NSE Circular Reference No. The National Mineral Development Corporation (NMDC), India's state-owned miner, has announced plans to acquire the remaining interest it does not already own in Australia’s Legacy Iron Ore. Legacy Iron Ore is a Perth-based exploration company, engaged in the development of … On 23 May 2012, NMDC signed the contract for Steel Making Shop (SMS) Package for the upcoming 3 MTPA integrated steel plant at Nagarnar, Chhattisgarh with the consortium led by M/s Siemens VAI MT GmbH & Co. (SVAI), Austria. It is also operating a diamond mine namely Diamond Mining Project, Panna (M.P. If you continue to use this site we will assume that you are happy with it. In September 6, 2011, the company signed the contract for Coke oven Package for the upcoming 3 MTPA Integrated Steel Plant at Nagarnar, with the Consortium lead by Bhilai Engineering Corporation (BEC). NMDC plans to develop mineral assets overseas to secure raw materials for the steel industry. In the event that any inaccuracy arises, we will not be liable for any loss or damage that arises from the usage of the content. Also, they commenced production of iron ore from Bailadila Deposit No.11C in the year 1987. Legacy Iron Ore Ltd. is an ASX listed entity based in Perth, Australia with a focus on iron ore, gold and base metals. NMDC Ltd was incorporated on November 15, 1958, as a government company with the name National Mineral Development Corporation Pvt Ltd. During the year 1959-60, the name of the company was changed from National Mineral Development Corporation Pvt Ltd to National Mineral Development Corporation Ltd. NMDC is now the majority shareholder of the company that is currently developing the Mt Bevan iron ore project with a reserve of 1.59 billion tonnes of magnetite iron ore of 30.2% Fe grade. Mr Mehta currently serves as the Director (Commercial) of NMDC Limited with responsibilities including the commissioning of the 3.0 MTpa Steel Plant at Nagarnar. In the year 2008, the company was accredited as the `Centre of Excellence` in the field of mineral processing by the Expert Group of United Nations Industrial Development Organisation (UNIDO). Sponge Iron India Ltd was amalgamated with the company with effect from July 01, 2010 as Sponge Iron Unit. Legacy Iron Ore is a vibrant Perth-based Australian exploration company, focussed on the development of iron ore, gold and base metal deposits. NMDC to buy Legacy Iron Ore for Rs92 crore Their principal operations include its three iron ore mining complexes at Kirandul and Bacheli in the State of Chhattisgarh and Donimalai in the State of Karnataka, each of which consists of several iron ore mines. The total cost of the package is Rs 1978.00 crore. NMDC has 78.56% equity in the company. NMDC last month raised its stake in its Australian subsidiary Legacy Iron Ore Ltd to 78.56 per cent from 48.82 per cent at a cost of A$12.3 million (about ₹69 crore). Also, they entered into an MoU with the Department of Mines & Geology, Government of Jharkhand for carrying out geological exploration in Jharkhand for various minerals like iron ore, lime stone, bauxite etc. of Andhra Pradesh and Andhra Pradesh Mineral Development Corporation (APMDC), Govt. Tyre Repair Equipment and Conveyor Repair Equipment, High-Performance Electrical and Mechanical Products for the Mining Sector, Custom Tensioned Fabric Steel Frame Building Solutions, 31 May 2019 (Last Updated May 31st, 2019 12:31). International iron-ore prices have been firm, with rates almost double compared to what they were at this time last year. Fines (64%, -10 mm) @ Rs 4,210/- per ton. Values denoted in green depict the best stock within the peer set for a particular ratio. Presently, India`s requirement of this strategic mineral is being met through imports. State-owned miner NMDC on Wednesday said it has submitted a formal binding bid to acquire 50 per cent stake in Australian exploration firm Legacy Iron Ore for an undisclosed amount.
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