05
Nov
00:00
London Mining completes Sierra Leone mine sale to Timis Corp.
Timis Corporation has acquired the complete assets of the Sierra Leone-based Marampa iron ore mine from London Mining, after the UK miner entered administration last month due to a lack of liquidity caused by the slump in iron ore prices.
Timis Corp, which has various investments in mining, oil & gas, pharmaceuticals and agriculture, has provided $70 million of working capital financing to allow the mine to quickly ramp up profitability.
The compa…
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Very good overview of the weekly steel market.
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