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At the end of November 2011, Afferro had accounted for a carrying value of USD22.2m for the Liberian project.Country: LiberiaSector: Metals/MiningTarget: Severstal Liberia Iron Ore Ltd (SLIO)Buyer: Severstal OAO, Lybica Holding BVVendor: Afferro Mining IncDeal size in USD: 65mType: DivestmentStatus: ClosedComment: About USD9.75m of the purchase price will be held in escrow.
(OTC: SLIO), an exploration and development mining company with a focus on deposits of rare earth metals and rare earth elements, has started its phase one exploration programme on the Philadelphia REE Prospect.
Canadian iron ore exploration company Afferro Mining Inc (CVE:AFF) said it had completed the sale of its 38.5% stake in Severstal Liberia Iron Ore Ltd (SLIO) to a unit of its Russian joint venture partner and steel miner, Severstal OAO (MCX:CHMF).