African miners to sell 244 million-dollar stake to China Railway

In the morning of January 7, according to foreign media reports, Timis, executive chairman of the London-listed company's African mining company, said in Wednesday that China Railway Materials Corporation planned to acquire 12.5% per cent of its stake at 152.6 million pounds to fund its flagship project in Sierra Leone (Sierra Leone),　　It does not rule out attracting investment from other companies. Frank Timis says African mining companies are currently developing the Tonkolili Iron ore project in Sierra Leone, and the funds will be spent on the first phase of the Tonkolili project, with $280 million trillion-300 million dollars in investment.　　The company has reached a conditional agreement with the Chinese iron and steel supplies, under which the Chinese iron Goods will acquire stakes in the company and promise to buy iron ore from the Tonkolili project for at least 20 years. In addition, according to the contract reached between the two sides, China railway materials will be 5 pounds per share of the purchase of 12.5% of the African Mining company shares, and each year from the Tonkolili project to obtain 1800 to 20 million tons of iron ore. "The deal is likely to be finalized by the end of February this year."　　"said Frank Timis. It is reported that this is the Chinese iron materials in the second half of last year in Australia, after the investment in iron ore enterprises, once again a stake in iron ore resources enterprises. (Snow Ting, from Beijing)