BlackRock lifts stake in African Iron to about 12%
Aug. 16, 2011, 8:03 a.m. EDT By Robb M. Stewart
MELBOURNE (MarketWatch) -- The Australian arm of BlackRock Inc. said Tuesday that it has lifted its stake in iron-ore explorer African Iron Ltd. (AKI.AU) to almost 11.6% from 7.6% through a series of market purchases.
Perth-based African Iron's primary asset is the Mayoko iron-ore project in the Republic of Congo where the company is developing a mine that will initially produce 5 million metric tons a year by mid-2013. BlackRock said the project benefits from excellent infrastructure with a nearby underused railway passing within 2 kilometers of the main prospect and terminating at the port of Pointe-Noire on the Atlantic Ocean.
Equatorial Resources Ltd. (EQU.AU), which is exploring for ore to the west of the Mayoko site, earlier this year bought a 20% stake in African Iron.
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AKI Price at posting:
30.0¢ Sentiment: None Disclosure: Held
