african developments, page-2

Hi Kray ,CFE (Marampa) has access rights to the infrastructure facilities on commercial terms to be agreed.


So this means that China Railway own a stake in CFE now ,as African Minerals own nearly 20% of CFE .
Probably doesnt mean much ,but its interesting .

It could help business ties .




This is the Steel Guru article .


Friday, 02 Apr 2010Bloomberg reported that African Minerals Ltd an explorer for metals and diamonds in West Africa signed an agreement with China Railway Materials Commercial Corp to develop an iron ore project in Sierra Leone.

As per report China Railway will spend GBP 167.8 million (USD 256 million) to buy 33.6 million new shares of African Minerals for 500 pence each. That will provide most of the funds for the first phase of production at the Tonkolili project.

China Railway will own a 12.5% stake in African Minerals.

China has invested billions of dollars in projects globally in an effort to become less dependent on Vale SA, Rio Tinto Group and BHP Billiton Ltd. The country promised USD 10 billion in cheap loans to Africa and pledged to cut customs duties to the continent at a China-Africa Cooperation conference in November.