Railway product exporter China Railway Materials (CRM) has signed a deal with iron ore group African Minerals (AML) to buy a 12.5% stake in AML for $244.1M.

AML’s flagship project is Tonkolili in Sierra Leone, which has 5.1bnt of iron ore. The agreement also includes a 20-year deal under which CRM will buy 5-8Mt/y of hematite from 2011 and at least 10Mt of magnetite a year from 2013.
Source: China Metals e-mail infochn@public.bta.net.cn