[miningmx.com] – MINING entrepreneurs Tony Sage and Frank Timis are preparing to buy Sierra Leone iron ore producer London Mining’s Marampa iron ore mine, according to a report by The Telegraph.
The newspaper said the two had finalised a $20m funding agreement with Timis Mining Corporation. Sage is the principle of Cape Lambert, an Australian-listed mining investment company.
The $20m agreement consists of a one year $8m bridging loan and a $12m royalty purchase. The agreement is conditional upon Timis Mining securing the assets from the administrator.
Timis is also the chairman of African Minerals which operates Sierra Leone.
