The minerals exploration company Afferro saw its share price drop on Wednesday after releasing details of the sale of its Putu iron ore asset in Liberia.
Affero announced the sale on 12 December, it now says it has signed a definitive "sales and purchase agreement" for its 38.5% interest in the project to Lybica Holdings.
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
If Putu is sold on to a third party Afferro will be entitled to a further payment.
Afferro must now get shareholder approval for the transaction at a special meeting organised for 31 January 2012.
BS
The firm's share price dropped 4% on the news to 53.75p.
-
Is it time to ride the recovery in emerging markets?Interview What's the outlook for emerging markets? Gustavo Medeiros, head of research at Ashmore Group, gives his analysis and reviews progress in developing economies
-
Could the Enterprise Investment Scheme cut your tax bill?The Enterprise Investment Scheme is tax-efficient and potentially lucrative. Taking a chance on the scheme could trim your family’s IHT bill, says David Prosser
