Legend announced to the ASX on 5 August 2014 the completion of the sale of its Cameroon Project in West Africa to Jindal Steel and Power. The consideration for the sale totals A$17.5M and is summarised below:
- A$6M received at completion 5 August 2014
- A$3M received 15 September 2015
- A$3M payable on or before 15 December 2016, with interest of 4% payable quarterly in arrears on this $3M amount from 15 September 2015
- A$5.5M to be paid upon the first commercial shipment of iron ore from the Project.
The Ngovayang Project is located in the southwestern region of Cameroon, West Africa and covers approximately 2,970km² comprising three exploration permits.