marampa news next week, page-3

March 30, 2012 10:02 pm
Small caps: Boost for African Minerals

By Bryce Elder

Frank Timis’s African Minerals added 8.6 per cent to 554p after China’s Shandong Iron & Steel completed the payment of $1.5bn for a 25 per cent stake in its Tonkolili iron ore project in Sierra Leone.

Merrill Lynch repeated a 10 pound price target on African Minerals, rising to 19.30 pound if the company succeeds in bringing all three phases of its mine development.

“We see this as a major positive catalyst, which not only removes uncertainty over funding of Phase II development but represents a vote of confidence in the project given the size of the Chinese investment,” said the broker.

ft.com/markets

I also spotted a report last week that said a ship departed recently from a Chinese port with 12,000 tons of steel railway tracks from Wuhan Iron & Steel bound for Freetown in Sierra Leone.

http://www.wisco.com.cn/wisco_en/news/2006/37883.shtml