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Posco-Africa signs MOU with Legend Mining Limited
02/24/2012 - Posco-Africa recently signed a Memorandum of Understanding with Legend Mining Limited to establish a joint venture to explore Legend`s Ngovayang iron ore project in Cameroon.
Posco-Africa and Legend Mining Limited recently signed a Memorandum of Understanding to establish a joint venture to explore Legend’s Ngovayang iron ore project in Cameroon.
The parties’ negotiations are reportedly at an advanced stage.
The parties’ negotiations are reportedly at an advanced stage.
Legend currently holds a 90% stake in the Ngovayang iron ore project. The site comprises three exploration blocks covering 2,972 square kilometers. Initial exploration has revealed prospects of quality magnetite iron ore deposits.
The site, which is situated in the southwest region of Cameroon, is accessible with the local transportation infrastructure, and additional development plans are underway. It is located within 100 km of the coast, and is situated between the international airport cities of Yaounde and Douala.
“Posco’s partnership in the project adds significant confidence to the Ngovayang project,” said an employee on behalf of Legend. “We look forward to working with Posco to finalize a joint venture agreement on exploration. After examination of other local iron ore projects, Posco chose Legend`s Ngovayang project due to its easy accessibility to infrastructure.”
The site, which is situated in the southwest region of Cameroon, is accessible with the local transportation infrastructure, and additional development plans are underway. It is located within 100 km of the coast, and is situated between the international airport cities of Yaounde and Douala.
“Posco’s partnership in the project adds significant confidence to the Ngovayang project,” said an employee on behalf of Legend. “We look forward to working with Posco to finalize a joint venture agreement on exploration. After examination of other local iron ore projects, Posco chose Legend`s Ngovayang project due to its easy accessibility to infrastructure.”
