IFFCO owns 15% of LGDI that they bought at very high prices. They have a very good motivation to see the project succeed.

IFFCO to help Legend facilitate finance for the construction of the beneficiation plant and associated infrastructure.

Thats our OLD equity partner and it seems that they are ready to put more money into the company. Great news.

If anything serious was cooking the stock would be at $2 already...

20 October 2011
State and Council to work together on Legend development in Mount Isa
Acting Premier Andrew Fraser is considering the declaration of the Legend
International Phosphate Plant as a 'prescribed project' and has decided to proceed
with consultation on such a declaration.
A ‘prescribed project’ is a project which is of significance, particularly economically and
socially, to Queensland or a region.
"Following the Premier's visit to Mount Isa organised by Member for Mount Isa Betty
Kiernan, the Deputy Coordinator-General has held meetings on two occasions with the
Mount Isa City Council to work towards a planning solution," the Acting Premier said.
"As the local Member, Betty Kiernan has been in regular contact to provide updates on
this and other developments in the North West."
The Council continues its role as assessment manager for the project under this
approach with the Office of Coordinator-General providing support as needed – and if
required an ability to move the assessment along should it slow.
Betty Kiernan has welcomed the announcement which will progress the assessment
process for the $1.4 billion project which has the potential to generate up to 800
construction and 431 operational jobs.
"We are pleased that Mount Isa Mayor John Molony has publically expressed support
for a prescribed approach and if a decision is made to declare the project a prescribed
project we look forward to working in partnership with the Council to keep the project
moving while maintaining a rigorous planning and assessment process."
The consultation process is proposed to conclude on 11 November 2011.
Media contact: Deputy Premier’s office – 3224 6361

With the recent jump in NAD share price its market capitalization is getting in the same ballpark with one of LGDI - $56 mln vs $100 mln. LGDI owns 50% of NAD.

Yes, another pacifier statement. But with cash running out (may be enough for another flyover video) we will know the outcome pretty soon. Worst case scenario - LGDI goes to zero, best - $3-$5 or so. Place your bets. Actually, we all did already....