Tags: iron ore , raw mat , Liberia , Russia , Africa , CIS , Severstal , M&A , steelmaking , mining , West Africa | similar articles »

Russian steelmaker Severstal has announced that the shareholders of British mineral exploration and development company Afferro Mining Inc. have approved the sale of the company's 38.5 percent interest in the Putu iron ore project in Liberia to Severstal's indirect subsidiary Lybica Holding B.V.
 
The transaction has been formally approved by Canada's TSX Venture Exchange where Afferro Mining is listed. According to the definitive sale and purchase agreement, the transaction will be completed by no later than February 28, 2012.