Tianjin Materials & Equipment Group Corporation acquired 10% stake in Tonkolili project from African Minerals Limited for $600 million.
The transaction has been approved by the Boards of both Tianjin Materials and African Minerals Limited and is still subject to full documentation, due diligence and regulatory approvals. The deal is expected to close by December 31, 2013. As of October 9, 2013, Tianjin Materials & Equipment Group Corporation reached an agreement to acquire 10% stake in Tonkolili project from African Minerals Limited (AIM:AMI). Nick Adams and Alex Collins of Jefferies acted as financial and Ben Brewerton of FTI Consulting acted as public relations advisor for African Minerals Limited.