Affero divests Putu interest
- Publishing Date
- 12 Dec 2011 11:49am GMT
- Author
- Mining Journal
Afferro Mining has announced the divestment of its interest in the Putu iron-ore project in Liberia.
Afferro has entered into an agreement with co-owner Lybica Holdings BV – an affiliate of Russian steel producer Severstal – to sell its 38.5% interest in Putu. The deal is expected to raise a minimum of US$115 million in cash: US$65 million on completion, and US$50 million as a deferred cash payment. The agreement also releases Afferro from further capital contributions to Putu, effective from January 1, 2012.
Afferro’s chief executive, Luis Da Silva, said that proceeds from the divestment would allow the company to focus on its 100% owned Nkout iron ore project in Cameroon. Earlier this year the company increased its total resource estimate at Nkout by 41%, to 2,000Mt at 32.2% Fe.
Afferro has entered into an agreement with co-owner Lybica Holdings BV – an affiliate of Russian steel producer Severstal – to sell its 38.5% interest in Putu. The deal is expected to raise a minimum of US$115 million in cash: US$65 million on completion, and US$50 million as a deferred cash payment. The agreement also releases Afferro from further capital contributions to Putu, effective from January 1, 2012.
Afferro’s chief executive, Luis Da Silva, said that proceeds from the divestment would allow the company to focus on its 100% owned Nkout iron ore project in Cameroon. Earlier this year the company increased its total resource estimate at Nkout by 41%, to 2,000Mt at 32.2% Fe.
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