Afferro Mining confirms tax settlement with Liberian government
Afferro Mining has confirmed a tax settlement with the Liberian government over the sale of the company's minority interest in Severstal Liberia Iron Ore to Lybica, an affiliate of Severstal.
Afferro Mining has confirmed a tax settlement with the Liberian government over the sale of the company's minority interest in Severstal Liberia Iron Ore to Lybica, an affiliate of Severstal.
The exploration and development organisation and its wholly-owned subsidiary Mano River Iron Ore Holdings have entered into an amendment over the sale of Afferro's 38.5% stake in Severstal.
Afferro said a single payment of $9.75m will be made to all tax claims relating to the deal.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Lybica will pay $50m to Mano in full and final satisfaction of the balance of the purchase price payable under the transaction within seven business days.
Chief Executive Officer, Luis da Silva, said: "By advancing the deferred element of the sale proceeds from our former minority interest, it enables the company to strengthen its balance sheet in an uncertain economic climate, when cash is at a premium. After the receipt of these funds, the company will have a cash position of $90m leaving it well-placed to advance its projects, while continuing its negotiations with potential strategic partners."
Afferro has a market capitalisation of £81.65m. Shares were up 6.75% to 83.00p Friday.
RD
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
What Santander’s takeover of TSB means for customers
Santander is set to buy rival TSB for £2.65 billion. What does it mean for customers, and could we see the TSB brand disappear from the high street?
-
How to find active fund managers that are worth paying for
Active funds are unlikely to beat a cheap tracker on average, but can be valuable in certain markets