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UPDATE: Afferro Mining non-exec stands down

UPDATE: Afferro Mining non-exec stands down


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One of Afferro Mining's (LON:AFF CVE:AFF) independent non-executive directors, Ousmane Kane, has resigned to concentrate on his other role as vice chairman of African Iron Ore.

David Netherway, Afferro's chairman, said: "We would like to thank Ousmane for his contribution to the company's strategy and wish him well with all his future business endeavours."

Afferro is currently in a possible takeover situation having announced last month that a number of suitors had approached the Cameroon-focused iron ore explorer.

Indian group Jindal Steel and Power is said to be one of the potential bidders.

City broker SP Angel said in a note that Kane’s resignation is not surprising because the IMIC – a company associated with African Iron Ore - has signalled its interest in bidding for Afferro.

“While we do not treat IMIC on its own as a credible bidder it makes Ousmane Kane’s position on the board untenable,” the broker said.

“Afferro continues to be in talks with interested parties – while we see good value in the project the process of securing the right partner for this project will take time.”


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