Afferro Mining still in negotiations for potential takeover
TORONTO (miningweekly.com) – Cameroon-focused iron-ore project developer Afferro Mining on Thursday said it had terminated takeover talks with India's Jindal Steel and Power, owing to the company’s belief that Jindal's indicative offer undervalued the company.
However, the company said it continued discussions with other parties, including resources sector investment company International Mining and Infrastructure Corporation (IMIC) for the entire issued share capital of the company or the option to form a strategic partnership to further develop the Nkout iron-ore project.
IMIC, holds about 5% of Afferro's shares.
Afferro in December announced it was in discussions with several parties that could result in a strategic investment, but on Thursday reiterated there could be no certainty that a formal offer would be forthcoming.
The company’s TSX-V-listed stocks cost C$1.32 apiece on Thursday afternoon. Afferro has a market capitalisation of C$138.63-million.
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