ww.telegraph.co.uk/finance/newsbysector/industry/mining/11177815/London-Mining-warns-investors-will-be-wiped-out.html
Frank Timis, the chairman of African Minerals, is close to securing a deal to buy London Mining's operations in Sierra Leone out of administration.
Last week London Mining toppled into administration after failing to find a buyer for the business as it struggled with debts following a slump in iron ore prices.
Sierra Leone's finance minister Kaifala Marah flew to London last weekend to join talks about the potential sale of the Marampa mine, which employs 1,400 people in the West African country and has iron ore reserves expected to support production for the next 40 years.
Timis Corporation is said to have secured financial backing in Australia to acquire the operational Marampa mine.
Mr Timis's African Minerals owns a neighbouring iron ore mine, the Tonkolili project, in Sierra Leone and is expected to enter into a joint venture with Marampa.
Sounds good
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