African Minerals Ltd said its 75%-owned Tonkolili iron ore mine in Sierra Leone W Africa is now able to export 20Mt of iron ore a year, reaching the target set by the company.
The Tonkolili mine, 25% owned by Shandong I&S Group, is one of the biggest iron ore mines on the African continent with 12.8bnt of estimated reserves. Shandong I&S acquired the 25% stake from African Minerals for USD 1.5bn in 2011. In addition, China Railway Materials Commercial, the supplier of steel products to China's rail industry, bought a 12.5% stake in African Minerals for US$250M in 2010.
Source: China Metals e-mail email@example.com