Severstal closes Putu iron ore project transaction with Afferro Mining

Russian steelmaker Severstal has announced that the transaction between its indirect subsidiary Lybica Holding B.V. and Mano River Iron Ore Holdings Limited (Mano), a wholly-owned subsidiary of Afferro Mining Inc. (Afferro), on purchasing a 38.5 percent minority interest in Severstal Liberia Iron Ore has been closed. Lybica has paid the remaining $50 million to Mano in accordance with the amended agreement, which was announced on December 14. Thus, Lybica now holds a 100 percent interest in the Putu iron ore project in Liberia and has no further obligations under the agreement towards Afferro.