2nd Feb 2015 10:17
LONDON (Alliance News) - African Minerals Ltd Monday said Shandong Iron and Steel Group, its partner in the Tonkolili iron ore project in Sierra Leone, has agreed to release a further USD6.7 million from the project's restricted bank account whilst the pair continue discussions in regards to funding for the project.
The money has been used to cover January salaries and taxes due in Sierra Leone. The release of the new funding means the total balance of funds remaining in the restricted account is USD82.4 million.
The two company remain in talks over the long-term financing of African Minerals, but the company added there remains no certainty any deal will be reached.
African Minerals shares remain suspended.
By Sam Unsted; [email protected]; @SamUAtAlliance
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