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China’s Tianjin Materials & Equipment Group Corp. paid $990 million to secure a 17 percent investment in a Sierra Leone iron ore mine, Bloomberg reported.
China’s Tianjin Materials & Equipment Group Corp. paid $990 million to secure a 17 percent investment in a Sierra Leone iron ore mine, Bloomberg reported.
The investment caused the seller of the stake, African Minerals Ltd. (LSE:AMI) to jump the most in 4.5 years in London, said Bloomberg.
As quoted in the market news:
The company agreed to sell 17 percent of its Tonkolili mine to China’s Tianjin Materials & Equipment Group Corp. for $990 million, it said today in a statement. The deal boosts financing at the miner, which had shelved a $2.5 billion expansion after missing sales forecasts. For China, it increases access to a key steelmaking material to feed growth in construction and cars.