11 Jul

Acquisition of Strategic Interest in Afferro Mining

International Mining and Infrastructure Corporation plc. (“IMIC” or “the Company”) (AIM: IMIC) is pleased to announce that it has acquired a significant 3.9% stake in Afferro Mining Inc. (“Afferro”) (AIM/TSX-V: AFF) for £2.0 million, representing 4,132,231 shares at 48.40p. This is IMIC’s first investment in a junior African iron ore developer.

Afferro is an established TSX-V and AIM listed iron ore development company with a number of projects in Cameroon. It has a strong balance sheet, with a recently reported net cash balance of US$51 million and a further deferred cash receivable of US$50 million gross.  It is focused on the fast track development of its 100% flagship asset, the Nkout Iron Project, located at the heart of a rapidly emerging iron ore district in the south of Cameroon. Afferro is currently evaluating the potential for a DSO (Direct Shipping Ore) operation, which would generate early cashflow ahead of the full development of the project.

Full announcement...