African Minerals Lands $350M Financing For Iron Ore Project

Law360, New York (February 5, 2013, 3:38 PM EST) -- African Minerals Ltd., the developer of a landmark iron ore project in Sierra Leone, has nailed down final approvals for two new financing arrangements from Standard Bank of South Africa Ltd. worth a combined $350 million and earmarked for expansion plans, the miner said Tuesday.

The bank, among South Africa's biggest financial services firms, has agreed to dole out a $250 million secured loan facility with an option to be increased as African Minerals plots the Tonkolili Iron Ore Project's growth, as well as a $100...
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