[miningmx.com] – FRANK Timis, executive chairman of African Minerals, hoped to complete a transaction with Tianjin Materials & Equipment Group, a Chinese company known as Tewoo, said Bloomberg News.
African Minerals, which is valued at $869m, said in September that it would a 16.5% stake in its Tonkolili mine valuing the company at $6bn; however, there has been no progress on the transaction to date with African Minerals saying there were “outstanding commercial terms”.
“I look forward to welcoming them as a shareholder subject to completion of due diligence, documentation and negotiation of the transaction,’ said Timis. The deal includes a 20-year sales accord for 10 million metric tons of iron ore annually, said Bloomberg News.
