Afferro Raises $115M In Iron Ore Deal With Severstal

Law360, New York (December 12, 2011, 1:10 PM EST) -- Canadian exploration company Afferro Mining Inc. has sold its stake in a massive Liberian iron ore project to Russian mining giant OAO Severstal for $115 million and could receive more, the companies said Monday.

Through its Mano River Iron Ore Holdings Ltd. unit, Vancouver, British Columbia-based Afferro sold its 38.5 percent interest in the Putu iron ore project to Lybica Holdings BV, a unit of Moscow-based Severstal, the companies said. Severstal will own 100 percent of the project upon completion of the deal.

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