[miningmx.com] – SHARES in African Minerals, a UK-listed iron ore development company, received an enormous boost after it sold 17% in its Tonkolili iron ore mine for $990m to China’s Tianjin Materials & Equipment Group Corp., said Bloomberg News.
“This transaction will provide African Minerals with almost a billion dollars of additional funds at the corporate level, significantly strengthening our balance sheet, and will provide flexibility in financing options for the company’s future development,’ Bloomberg News cited African Minerals chairman Frank Timis as having said in a company filing.
African Minerals has earlier shelved a $2.5bn expansion after missing sales forecasts, said Bloomberg News.
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