Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

UPDATE: Afferro Mining non-exec stands down

UPDATE: Afferro Mining non-exec stands down

 

---adds broker comment---

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.”

 

View full IMIC profile

International Mining & Infra Corp PLC Timeline

Article
November 09 2015
Newswire
October 08 2015
Newswire
April 21 2015
Newswire
April 17 2015

Related Articles

shutterstock_16417633.jpg
March 22 2016
Last year, the company produced 126,000 tonnes of rutile and 37,600 tonnes of ilmenite
Nevada2.png
February 16 2016
Tertiary Minerals (LON:TYM) is the UK's only public traded fluorspar company - a mineral the firm describes as "strategic".
Barruecopardo.jpg
October 28 2015
Ormonde Mining now has a clear path to construction and production at the Barruecopardo tungsten project in Spain

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.