Severstal buys stake at African iron ore junior miner
Publicado em: 13/05/2010 20:08:00
Russian steel giant Severstal said on Thursday it will buy a 16.5% stake at African iron ore explorer Core Mining in order to expand its raw material supply. The deal is worth US$ 15 million and the mines owned by Core in the Republic of Congo and Gabon are the second venture by Severstal in African iron ore mining. Previously the company entered an exploration project in Liberia.
Core Mining will use the new funds to continue exploration work at both projects. The acquisition is expected to close later this month and Severstal said it has the right to make further investments in the miner in 2011.