Afferro Mining shareholders approve takeover by IMIC

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.