After months of delay African Minerals secures $1.5bn from Chinese

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Frank Timis, Executive Chairman, African Minerals
African Mineral’s Tonkolili Project in Northern Sierra Leone
No we do not have any more Elephants in Sierra Leone.

Sierra Leone’s black gold; Iron Ore

Even though African Minerals had already started infrastructure developments (road and rail) for its Iron Ore project in Sierra Leone, it had until now been unable to complete a deal with China’s Shandong Iron & Steel. The wait is now over as the company has finally signed a $1.5 billion deal with Shandong that guarantees a constant supply of cheap ore to fuel China’s rising demand for steel. With this investment, Shandong owns 25% African Minerals’ shares. At 13bn tonnes, the Tonkolili project in Sierra Leone hosts the world’s largest iron ore resource as defined by internationally ‘Jorc’ standards.

I’d say this deal is one small step for Sierra Leone, one gargantuan step for Frank Timis and Kemoh Fadika. On that note, i’m quitting graduate school and moving back to Sierra Leone to beg for a job at African Minerals. (LOL)

Source

  • Anonymous