JSPL close to acquiring iron ore mine in Cameroon.

JSPL is set to acquire the mining rights to the Ngovayang iron ore project in Cameroon from Legend Mining Ltd., media reports said. A spokesperson of the Delhi based company of Naveen Jindal declined to comment.

Media reports stated that the Indian steelmaker has agreed to buy 90 per cent of Legend's stake in the Camina SA holding company for the Ngovayang rail project in Cameroon through a subsidiary for Australian $ 17.5 million. The deal will be signed on July 15, 2014 when JSPL will make its first tranche of payment of A$ 6million.

'We at JSPL do not react to market speculation. As a growing company, we are always on the lookout for organic as well as inorganic opportunities to expand, enhance and add value to our business,' said a JSPL spokesperson.

ET