Tianjin Materials & Equipment Group Corporation cancelled the acquisition of 10% stake in Tonkolili project from African Minerals Limited.

Tianjin Materials & Equipment Group Corporation entered into a binding memorandum of understanding to acquire 10% stake in Tonkolili project from African Minerals Limited (AIM:AMI) for $600 million on September 26, 2013. In a related transaction, Tianjin Materials & Equipment Group will subscribe to African Minerals Limited shares for gross proceeds of $390 million and will hold 10% of the shares of African Minerals Limited. Pursuant to these transactions, Tianjin Materials & Equipment will hold 16.5% economic interest in the Tonkolili project.

The transaction has been approved by the Boards of both Tianjin Materials and African Minerals Limited and is still subject to full documentation, due diligence and regulatory approvals. The deal is expected to close by December 31, 2013. As of October 9, 2013, Tianjin Materials & Equipment Group Corporation reached an agreement to acquire 10% stake in Tonkolili project from African Minerals Limited (AIM:AMI). Nick Adams and Alex Collins of Jefferies acted as financial and Ben Brewerton of FTI Consulting acted as public relations advisor for African Minerals Limited.

Tianjin Materials & Equipment Group Corporation cancelled the acquisition of 10% stake in Tonkolili project from African Minerals Limited (AIM:AMI) in the period ending June 30, 2014.