The Russian steel producer Severstal has announced that its raw material subsidiary Severstal Resurs has reached an agreement to purchase a 61.5 percent stake in African Iron Ore Group (AIOG) for a consideration of $37.5 million.
AIOG indirectly owns mining rights for the Liberia-based Putu Range iron ore deposit, which according to preliminary data holds about 500 million mt of iron ore reserves.
In addition, Severstal has announced that it will acquire a 6.29 percent stake in AIOG's subsidiary Mano River Resources for ₤2 million. Mano River Resources is engaged in the exploration of gold, diamonds and iron ore in Liberia, Sierra Leone and Guinea.