[miningmx.com] – AFRICAN Minerals, an iron ore producer in Sierra Leone, may breach debt covenants and was therefore seeking to refinance a $250m loan, said Bloomberg News citing a company announcement.
The company was also seeking funds to provide “capital for ongoing operations and liquidity for capital expansion,” said Bloomberg News citing the company. Its Tonkilili mine would be profitable in the near-term, however.
Shares in the company, which are listed in London, have fallen 91% this year owing to a decline in the price of iron ore compounded by the outbreak of the Ebola virus in the West African region.
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