British mineral exploration and development company Afferro
Mining Inc. announced today, September 17, that its shareholders have voted in favour of the previously announced proposed acquisition of Afferro
Mining by
UK-based
iron ore mining focused investment company IMIC, pursuant to a Canadian court-approved plan of arrangement.
In addition to the approval of Afferro
Mining's shareholders, the arrangement is also subject to IMIC shareholder approval, final court approval and the satisfaction or waiver of conditions to closing, including receipt of all necessary regulatory approvals. As previously announced, it is expected that the deal will be closed by October 31 of the current year.
As SteelOrbis previously reported, Afferro
Mining's Nkout
iron ore project in southern
Cameroon is estimated to have prospective reserves of 4 billion mt, with an expected
mining life of 50-70 years.