African Minerals has struck a deal by which China’s biggest iron trader will pay $600m for an interest in its flagship mining project in Sierra Leone and a 10 per cent equity stake in the Aim-quoted company.
News of the deal with Tianjin Materials and Equipment Corporation (Tewoo) sent shares in African Minerals up by 34 per cent to 218p, valuing the company’s equity at ￡720m.
The company’s founder, Frank Timis, said: “Tewoo’s offer to subscribe to African Minerals’s equity at approximately ￡7 per share will provide a strong endorsement of the company’s value to the market.”
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