African Minerals Ltd said its lender has taken control of two holding companies that own a majority stake in the companies that operate its sole project, the Tonkolili iron ore mine in Sierra Leone.
The miner said on Tuesday it is seeking legal advice on the move by Shandong Steel Hong Kong Zengli Ltd.
African Minerals is currently in default of a $250 million pre-export finance facility extended by Shandong Steel.
Source: Reuters
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