Afferro exits Putu stake
11th Apr 2012
LONDON, April 10 -- Afferro Mining has concluded the sale of its 38.5% stake in the Putu iron ore project in Liberia following receipt of an initial $US65M in cash.
The deal involved the sale of a minority interest in Severstal Liberia Iron Ore to Lybica Holding BV, an affiliate of Severstal.
Of the $65M cash payment, $55.25M has been delivered to Afferro and $9.75M held in escrow with the Royal Bank of Canada to address certain tax claims made by the Liberian Government. Afferro said the escrow was not an acknowledgement of the validity of the government’s claims and Afferro continued to work to resolve this matter.
Putu has resources of 3.24Bt at 34.3% Fe, 1.89Bt of which is classified as indicated.
Afferro's CEO Luis da Silva said the initial payment would secure the development of the company’s Nkout iron ore project in Cameroon for the next two years. Nkout has indicated mineral resources of 944Mt at 32.7% Fe and an inferred mineral resource of 1.05Bt at 31.6% Fe.
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