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Exxaro Resources To Make A Takeover Offer For African Iron
= To secure interests in Mayoko Iron Ore Project in the Republic of Congo =
South Africa's Exxaro Resources Limited is to make a takeover offer for African Iron Limited which is developing Mayoko Iron Ore Project located within the south-west region of the Republic of Congo. This was announced by Australian Cape Lambert Resources which holds 25.25% shares in African Iron on Jan 11.

Cape Lambert supports Exxaro's takeover offer. Cape Lambert enters into a pre-bid agreement with Exxaro agreeing to accept the takeover offer in respect the portion of its shareholding which equates to 19.99% of African Iron. Cape Lambert will retain a A$1 per tonne royalty in the Mayoko Iron Ore Project from the original sale agreement with African Iron.

Mayoko Iron Ore Project used to be developed by DMC Mining which was acquired by Cape Lambert in August 2010. Then, Cape Lambert transferred DMC Mining to African Iron in January 2011. Cape Lambert currently owns 25.25% of the issued capital of African Iron.
last modified : Tue 17 Jan, 2012 [10:27]
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