What has been a marathon business discussion has finally come to pass when Shandong Iron & Steel Group, after going though all due diligence, agreed past weekend to work with African Minerals Limited (AML) in a $1.5b investment in the Tonkolili project in Sierra Leone.
Mr. Zou Zhongchen, Chairman of SISG said: “SISG is delighted to confirm this long term partnership with AML and endorse a relationship with Sierra Leone which provides our steel mills with a sustainable long term supply of iron ore.”
He averred that Shandong group were happy for the outcome and all investigations they did were to make sure they were going to invest in a country and company that will give them enough security for a long time to come.
They commended the Chairman of AML, Frank Timis, for his patience and believe that they will have an excellent working relationship with AML.
Commenting on the announcement, Frank Timis, Executive Chairman of African Minerals said “We are pleased to welcome SISG, one of the world’s largest steel producers, as a strategic investor in the Tonkolili project.
SISG’s investment validates the scale and scope of the project and secures the funding which will enable us to accelerate the development of Phase II of our growth plans.
This partnership confirms the potential for Sierra Leone to become one of the world’s major iron ore producing nations thereby creating lasting benefits for its people.”
By Austin Thomas