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Afferro Mining Inc. is an iron ore exploration and development company listed on TSX-V and AIM, with just under 1,000km2 of exploration permits in the south of Cameroon, all along proposed infrastructure in a rapidly developing iron ore district. The management has a strong track record in the discovery and development of commercial...Read more
UPDATE: Afferro Mining non-exec stands downJanuary 21 2013, 12:03pm
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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.”