[miningmx.com] – UK-listed iron ore company, African Minerals, is to appoint administrators after failing to repay Shandong Iron and Steel Group, its main lender and partner in the Tonkolili project, said Reuters.
After taking on some of African Minerals’ debt from banks and demanding immediate repayment last week, Shandong, which owns 25% in Tonkolili, took control of the holding companies in the project, said Reuters.
“…The board has concluded that there is no reasonable prospect of it being able to achieve a negotiated solution with (Shandong),” African Minerals said in a statement.
“The company is working to identify an appropriate insolvency practitioner to represent and protect the interests of the creditors and stakeholders.”
Click here to read the full article
