Legend International Holdings, Inc.

Company News

Nov 18, 2009

Legend International Holdings Inc. Announces Strategic Alliance With Wengfu Group Co. Ltd, One of the Largest Fertilizer Producers in China
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Overview

Legend's primary focus is the development of its phosphate interests in the Georgina Basin, Queensland, Australia including Paradise (formerly Lady Annie and Lady Jane), D-Tree, Thorntonia, Lily Creek, Quita Creek, Sherrin Creek and Highland Plains. Working aggressively, the Company is planning to develop and mine its phosphate deposits, with a phased implementation plan to become one of the world's leading suppliers of Phosphate and Fertilizer products. Legend plans to produce an average of 5 million tonnes per year of phosphate rock concentrate of 30%+ P2O5 by 2013.

The Company has signed a Landmark off-take agreement with India’s largest fertilizer enterprise, the Indian Farmers Fertilizer Cooperative or IFFCO, a co-operative with over 50 million farmers associated with it and now also a major shareholder in Legend. Additionally, two representatives of IFFCO are members of Legend’s Board of Directors, including Dr. Awasthi, the Managing Director of IFFCO.

The Company maintains a strong cash position – aprox US $70 million (as at September 30, 2009) following a significant capital raising in 2008 by BMO Capital Markets.

Legend is led by Joseph Gutnick, a prominent Australian mining industry entrepreneur, who has overseen some of Australia's largest and most prestigious resource discoveries.

People

Board of Directors

• Mr Joseph Gutnick – President and Chief Executive Officer
  Mr Gutnick is a leading mining industry entrepreneur. He is the President and Chief Executive Officer of a number of listed public companies in the mining and exploration sector in both Australia and North America. Mr. Gutnick was responsible for overseeing the discovery, development and operation of the world class Plutonic, Bronzewing and Jundee gold mines in Australia. Mr Gutnick is a Fellow of the Australasian Institute of Mining and Metallurgy, a Fellow of the Australian Institute of Management, a Member of the Institute of Company Directors in Australia, and was a Director of the World Gold Council. Mr Gutnick was awarded the prestigious Diggers award at the 1997 Diggers and Dealers Industry Awards.


• Dr U.S Awasthi – Non Executive Director
  
  Dr. Awasthi has been the Managing Director of IFFCO since February 1993, the largest producer and seller of fertilisers in India. After graduating in Chemical Engineering from Banaras Hindu University, Dr. Awasthi started his career with Shriram Chemical Industries, Kota in 1967. In 1971, he joined Zuari Agro-Chemicals Ltd., Goa. During 1976-86, he worked in various pivotal positions in IFFCO & KRIBHCO and acquired all-round expertise in planning and execution of fertiliser plants and was closely associated with the construction of Hazira as well as Aonla Projects. In 1986, he joined Pyrites, Phosphates & Chemicals Limited (PPCL) as its Chairman and Managing Director. He also held additional charge as Chairman & Managing Director of Rashtriya Chemicals & Fertilisers Ltd. (RCF) from April 1991 to March 1992. Dr. Awasthi was the Chairman of the Fertiliser Association of India (FAI), New Delhi, during 1994-96. He held the position of President, International Fertiliser Industry Association (IFA), Paris during 1997-99. IFA is an organisation of 457 member companies from 80 countries. Dr. Awasthi had the honour of having represented the Industry point of view at the 6th Session of United Nations Commission on Sustainable Development and delivered a speech at ECOSOC Chamber, United Nations Headquarters, New York. Dr. Awasthi has over 30 papers to his credit and has co-authored a book 'Fertiliser Industry in India'.


• Mr. Manish Gupta - Non Executive Director
  
  Mr Manish Gupta graduated from the Indian Institute of Technology (IIT), Delhi, India in 1988 with a Bachelor of Technology specialising in Civil Engineering and continued his studies at the Institute of Management (IIM), Calcutta, India where he gained a Post Graduate Diploma in Management in 1990 specialising in Development, Marketing, and then at the University of Pune, Pune, India where he gained a Bachelor of Laws (LLB) in 1996 excelling in Taxation and Commercial Laws. Mr Gupta has held several positions in the Indian Government including with the Indian Taxation Office and as Deputy Secretary to the Government of India, Ministry of Chemicals and Fertilisers, and as an Additional Commissioner of Income Tax and Officer on Special Duty to the Revenue Secretary, Government of India. Mr. Gupta joined IFFCO in May 2004 and currently heads the strategic management team.


• Dr David S Tyrwhitt - Non-Executive Director (Independent)
  Dr Tyrwhitt has more than 40 years experience in the mining industry. He is currently a Director of five listed public companies in the mining and exploration sector. He worked for over 20 years with Newmont Mining Corporation in Australia, South East Asia and the United States. During this time, he was responsible for the discovery of the Telfer Gold Mine in Western Australia. He was Chief Executive of Newmont Australia Limited between 1984 and 1988 and Chief Executive Officer of Ashton Mining Limited between 1988 and 1991. Ashton was the part-owner of the Argyle Diamond Mine, the world largest diamond bearing lamproite. He established his own consultancy in 1991 and worked with Normandy Mining Limited on a number of mining projects in South East Asia.


• Dr Allan Trench - Non-Executive Director (Independent)
  
  Dr Allan Trench is a geologist/geophysicist and business management consultant with approximately 20 years' experience within the Australian resources sector across a number of commodity groups. Dr Trench holds a Bachelor of Science (Honours), a doctorate in Geophysics, a master of Business Administration (Distinction) from Oxford University and a Master of Science (Distinction) in Mineral Economics. He commenced his career as an academic at Oxford University in England before moving to Australia on a Royal Society Fellowship. After a period at the University of Western Australia he joined WMC as the Exploration Manager for the Leinster-Mt Keith region. Dr Trench then managed a number of exploration companies associated with Mr. Joseph Gutnick before joining McKinsey & Company as a management consultant.
  
  In his role at McKinsey, Dr Trench was an advisor to a number of large international resources companies on strategic, organisation and operational issues. From 2004 to 2006 Dr Trench was employed in a contract role as corporate strategist end benchmarking manager at Woodside Energy, helping to building Woodside's capability in strategy, benchmarking and performance improvement across its global asset portfolio. Dr Trench also serves as a non executive director for two other resource companies and currently holds the title of Adjunct Professor of Mineral Economics & Mine Management at the WA School of Mines, Curtain University.


• Mr Henry Herzog - Non-Executive Director (Independent)
  Mr Henry Herzog has served in a number of various positions as President, Vice President or Director on a number of publicly listed companies in Australia and the United States, predominantly in the mining sector. Mr Herzog has restructured and reorganised several publicly listed companies including U.S. company Bayou International Limited where he served as its President and Chief Executive Office from 1986-1988 and then as a Vice President through to June, 1999.
  
  Mr Herzog has also occupied a variety of other management and consulting roles and has over forty years of business experience. Mr Herzog has spent the last six years managing a number of private investment entities and currently sits on the Board of Trustees of a non-profit college of higher education.

Management

CFO – Peter Lee

Executive General Manager – Craig Michael

Property

Legend International Holdings, Inc. controls a significant and strategic portion (5.2 million acres) of the Georgina and McArthur River Basins in Australia's Queensland and Northern Territory. Legend's current focus is the development of its phosphate deposits in Queensland.

Mt Isa community and infrastructure

The primary targets for development occur approximately 120km North West of Mt Isa. Mt Isa is a regional mining hub with significant energy, water and transport infrastructure already in place to support current and developing mining projects. Transport, energy and water needs for Legend move to Phase 1 direct mining and shipping of Direct Shipping Ore, will be sourced primarily from existing infrastructure.


Phosphate Rock


Rufus Creek Trench at Paradise. First Trench dug by BH South


Rufus Trench Phosphate Rock Lithology


Historical Project Area at Paradise


D-Tree site with phosphate samples greater than 30% P2O5

Politics

Mining is a mainstay of the Queensland economy, accounting for approximately 20% of Gross State Product. Governments at both State and Federal level are supportive of mining investment. The region is socially and economically stable. Phosphate mining has been identified by the Queensland Government as a future area for growth and the Government of Queensland has committed to fast-tracking the project subject to compliance with all necessary environmental approvals.

Paper

Shares Outstanding: 226,333,392 million

• Options held by IFFCO: 17,000,000, Expiring January 2010 to July 2010; Exercise price $3.50 to $4.00


• Options held by BMO: 840,000, Expiring 3 June 2010; Exercise Price $2.50


• Options Held by Public: 984,830, Expiring December 2012; Exercise Price $0.111


• Options held by employees/consultants: 24,380,000, Expiring September 2016 to July 2018; Exercise price $0.111 to $3.48


• As at September 30, 2009, the Company had AUD $98,239,217 in cash.

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