News Flash On The Aim Market Message Board

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Gold/Mining/Energy : News Flash On The Aim Market

LSE 5.300

-2.7%

Oct 30 3:59 PM EDT

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From: miningoz	7/4/2014 6:27:39 AM
	of 161

West African Minerals Corporation (AIM: WAFM 22p bid talk JSPL is set to acquire the mining rights to the West African Minerals Corporation (AIM: WAFM) Binga iron ore project located approximately 80 kms from the Kribi deepwater port in southwest Cameroon, media reports said. A spokesperson of the Delhi based company of Naveen Jindal declined to comment. "We at JSPL do not react to market speculation. As a growing company, we are always on the lookout for organic as well as inorganic opportunities to expand, enhance and add value to our business," said a JSPL spokesperson. "Many steelmakers are considering overseas acquisitions since the last year and half given that global prices are coming down, but domestic prices are going up because of supply situation in India. This provides an opportunity for sourcing raw material and as well as acquisitions," says Kameswara Rao, executive director (energy, utilities & mining) at consulting firm PwC. The value of the takeover is not in the public domain but a figure of £70-80m is thought too be a reasonable figure given the current iron ore price.

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