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Published: September/October 2013      

Tewoo into Africa

China’s Tianjin Minerals and Equipment Group (Tewoo) is to buy a 10% stake in the Tonkolili iron ore project in Sierra Leone from British firm African Minerals. In addition, Tewoo, will buy a 10% share in African Minerals, giving it an effective 16.5% equity stake in Tonkolili.

Tewoo hopes to conclude the US$990M deal by the end of this year. Production on Phase 1 of Tonkolili is to be ramped up to 20 Mtpa but African Minerals hopes to use the money to fund increases in transport capacity to take Phase 1 handling capacity up to 35 Mtpa. A 200 km railway, which is open to other users at commercial rates, takes ore to the Port of Pepel....

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