Legend Mining has signed a memorandum of understanding (MoU) with POSCO to form a joint venture to develop the Ngovoyang iron ore project in Cameroon, West Africa.

The MoU is non-binding and the negotiations for the agreement of the JV are at an advanced stage.

Legend Mining managing director, Mark Wilson, said he is looking forward to working closely with Posco over the coming months to finalise an exploration joint venture agreement.

Mr Wilson said: "Posco’s given a tick to the sovereign risk of Cameroon, a big tick to our project."

The Ngovoyang project, owned by Legend Mining, is located halfway between the major cities of Douala and Yaounde.

Drilling diamond essays released in November show commercially significant intercepts of 116.2m at 26.2% iron, including 79.1m at 29.7% iron; and 80.5m at 36.6% iron.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

South Korea-based steel producer Posco showed interest in the Ngovayang Project because of its proximity to infrastructure, including road, rail, port and airports, according to Legend Mining.