Sierra Leone: Timis Mining to buy iron ore mine

AFRICAN Minerals chief executive Frank Timis is looking to buy London Mining’s iron ore mine in Sierra Leone from administration through his private company. Timis, through Timis Mining Corporation, has finalised a $20 million (R220m) funding agreement with Australia’s Cape Lambert Resources to help him acquire the Marampa mine. A spokesman for Timis Mining confirmed that the company was interested in acquiring the Marampa mine, but he did not give further details. A spokesman for London Mining declined to comment. Investec analysts said African Minerals seemed to be the natural acquirer for the Marampa mine, given its significant infrastructure in the region. “It is interesting that it is Timis’ private company purportedly doing the bidding, perhaps because it can more readily realise the funding to make the offer.” – Reuters