Shandong buys Tonkolili rump for $170m

[miningmx.com] – SHANDONG Iron and Steel Group, has bought the remaining 75% in Tonkolili iron ore mine in Sierra Leone from African Minerals for over $170m reported Reuters.

Shandong now has 100% of equity in Tonkolili, and will also own the associated infrastructure company African Port and Railway Services, said Reuters citing a press release issued by the Chinese company.

Shandong will provide further funding including $600m to progress Phase 2 of the Tonkolili Project, which will see production lifted to 25 million tonnes a year, it said.

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