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African Minerals : Iron ore mining company African Minerals appoints administrator

03/28/2015 | 08:18am US/Eastern

value="LC/sl" idsrc="xmltag.org">Sierra Leone-focused mining company value="LSE:AMI" idsrc="xmltag.org">African Minerals has appointed administrators, it said on Thursday, having being battered by a rout in iron ore prices and costs related to the Ebola outbreak in value="LR/afr" idsrc="xmltag.org">West Africa.

After failing to repay its lender and partner in the Tonkolili iron ore project Shandong Iron and Steel Group, value="LSE:AMI" idsrc="xmltag.org">African Minerals has appointed Neville Kahn and Ian Wormleighton of value="ACORN:1035220738" idsrc="xmltag.org">Deloitte LLP as joint administrators of the company and of its subsidiary African Minerals Engineering Limited.

Other subsidiaries are not affected by today's announcement, it added.

(c) 2015 EMBIN (Emerging Markets Business Information News) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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