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Asian Activities Report for September 15, 2011: Largest Iron Ore Producer in India to Become Cornerstone Investor in Legacy Iron Ore Limited (ASX:LCY)
Asian Activities Report for September 15, 2011: Largest Iron Ore Producer in India to Become Cornerstone Investor in Legacy Iron Ore Limited (ASX:LCY)
Sydney, Sep 15, 2011 AEST (ABN Newswire) - Legacy Iron Ore Limited (ASX:LCY) has received a formal binding offer from the Indian government owned National Mineral Development Corporation Limited ("NMDC") for NMDC to become a cornerstone investor in Legacy via a placement agreement. NMDC is the single largest producer of iron ore in India. To have NMDC as a strategic investor will assist Legacy with its transition from a junior exploration company into a substantial mining company.

Orpheus Energy Limited (ASX:OEG) has received a preliminary pit design for its B26 coking and thermal coal project in Indonesia. Orpheus has commissioned a survey of the project area B2 to identify coal face positions in order to complete both the short term and life of mine production plans. The B2 short term mining production plan is targeting a production rate of 40,000 tonnes per month from November 2011.

Argentina Mining Limited (ASX:AVK) has identified a significant geophysical anomaly potentially representing a large sulphide mineralised system at its flagship Cerro Blanco Porphyry Copper Project in Argentina. Anomaly is open to the south and potentially at depth. Drilling of this new target has commenced this week to planned depths of up to 750 metres.

Red Mountain Mining (ASX:RMX) has intersected significant gold mineralisation during its initial underground drilling program at the Zhongqu project in Gansu Province, China. Results confirm that the project is capable of hosting mine grade mineralisation amenable to modern underground mining methods. These results will contribute to the estimation of an initial resource model.

Reliance Capital Limited (BOM:500111) has received a regulatory approval for its proposed 26% stake sale in Reliance Life Insurance to Nippon Life Insurance for USD 680 millions. The transaction is expected to close in the next few weeks and will enable Reliance Capital to work closely with Nippon Life Insurance to further strengthen Reliance Life Insurance's position as a leading insurance company in India.

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