Shandong Iron & Steel Group has signed agreements with African Minerals to invest $1.5bn in the Tonkolili iron ore project in Sierra Leone.
Under the terms of the agreement, SISG will acquire a 25% shareholding in the mine, rail, port and power subsidiaries comprising the Tonkolili iron ore project.
SISG will also purchase 2Mtpa of production from the first phase of the project, with an incremental of 8Mtpa during the second phase and 10Mtpa during the third phase.
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African Minerals will use the funds to accelerate the expansion and further develop the Tonkolili project, and repay the existing $417m secured loan facility.
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