Mon Aug 1, 2011 |By Reuters
LONDON (Reuters) - African Minerals has finally signed an agreement with China's Shandong Iron & Steel that will see the world's ninth-largest steel group invest $1.5 billion in African Minerals' flagship iron ore project in Sierra Leone.
Shandong will also purchase iron ore at a discounted price under an off-take arrangement and retains the option to buy up to 25 percent of annual iron ore production from each of Tonkolili's three production phases based on benchmark prices.
African Minerals, the largest company on London's junior AIM market, said in May it had negotiated improved terms from Shandong and hoped to finalise the agreement before an exclusivity period expired at the end of that month.
LONDON (Reuters) - African Minerals has finally signed an agreement with China's Shandong Iron & Steel that will see the world's ninth-largest steel group invest $1.5 billion in African Minerals' flagship iron ore project in Sierra Leone.
Shandong will also purchase iron ore at a discounted price under an off-take arrangement and retains the option to buy up to 25 percent of annual iron ore production from each of Tonkolili's three production phases based on benchmark prices.
African Minerals, the largest company on London's junior AIM market, said in May it had negotiated improved terms from Shandong and hoped to finalise the agreement before an exclusivity period expired at the end of that month.
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