Sable Mining Soars on Iron Ore Export Deal

Reuters reported that on Friday, Sable Mining Africa Ltd. (LSE:SBLM) signed a $1.3-billion deal to export iron ore via Liberia. The company mines the ore in Guinea.

As quoted in the market news:

The agreement was signed by the head of the Liberia National Investment Commission George Wisner and Sable non-executive director Aboubacar Sampil in the nation’s capital Monrovia.

The 25-year deal, which mandates the firm to expand rail links between the two countries, should allow it to begin transshipping ore from the Mount Nimba mine later this year, Wisner said.

Shares in AIM-listed Sable soared more than 300 percent on Friday before closing up 156 percent.

Click here to read the full Reuters report.