African Minerals delay Shandong deal
Friday, 17 Sep 2010
Reuters reported that African Minerals USD 1.5 billion investment deal for its flagship iron ore project in Sierra Leone had been delayed due to problems getting the teams reviewing the deal to the country.
The parties had expected to have definitive agreements for the deal under which China's Shandong Iron & Steel will take 25% stake in the Tonkolili mine completed by September 6th 2010.
The company said that due diligence by Shandong is progressing well albeit somewhat slower than planned due to the logistical issues of coordinating the due diligence process between China, Europe and Sierra Leone.
A spokesman for the company said that the delay was not affecting operations at the mine and that African Minerals still expected first ore to be delivered to port ready for shipment in the last quarter of 2011.
(Sourced from Reuters)
Surely Frank could have made the corporate jet available to get everyone there on time.
african news
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