BlackRock Lifts Stake In African Iron To Almost 12%
16 August 2011 - 6:01PM
Dow Jones News
The Australian arm of BlackRock Inc. (BLK) said Tuesday that it
has lifted its stake in iron-ore explorer African Iron Ltd.
(AKI.AU) to almost 11.6% from 7.6% through a series of market
purchases.
Perth-based African Iron's primary asset is the Mayoko iron-ore
project in the Republic of Congo where the company is developing a
mine that will initially produce 5 million metric tons a year by
mid-2013. BlackRock said the project benefits from excellent
infrastructure with a nearby underused railway passing within 2
kilometers of the main prospect and terminating at the port of
Pointe-Noire on the Atlantic Ocean.
Equatorial Resources Ltd. (EQU.AU), which is exploring for ore
to the west of the Mayoko site, earlier this year bought a 20%
stake in African Iron.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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