China's Tianjin To Pay $990M For Stake In African Iron Mine

Law360, New York (September 26, 2013, 4:08 PM EDT) -- African Minerals Ltd. announced Thursday that Tianjin Materials & Equipment Group will buy 16.5 percent of its holdings in a Sierra Leone iron ore mine for $990 million before the end of the year.

The companies estimate the iron ore mining project in Tonkolili, Sierra Leone, is worth $6 billion, and Tianjin plans to secure a 20-year off-take and joint-venture agreement with African Minerals to market iron ore through existing Tianjin port facilities. The companies inked the deal after production from the mine topped 20 million...
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