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African Eagle switches to iron ore in South Africa for its next venture

Last updated: 18:17 20 Nov 2014 AEDT, First published: 19:17 20 Nov 2014 AEDT

ironore

African Eagle (LON:AFE) is making the switch from nickel in Tanzania to iron ore in South Africa.

Currently suspended on AIM, the natural resources tiddler has agreed to pay US$6mln in cash and shares for Lime-Chem Resources.

In doing so it is acquiring Sishen mine, in Northern Cape Province, which consists of an old open pit mine with numerous crushed ore dumps surrounding the pit.

LCR has a sales agreements with Interalloys Trading, owned by Nick Clarke, chief executive of African Eagle, which has provided pre-export financing.

To date one shipment of ore has been completed. 

In the short term, the firm intends to process the ore dumps while it assesses the feasibility of re-commencing mining at Rooinekke.

The deal is so large it constitutes a reverse takeover.


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