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International Mining and Infrastructure Corporation

  • BY: Andrew Hore |
  • POSTED: 24/01/2013 |

Iron ore-focused mining investment company International Mining and Infrastructure Corporation has appointed Ousmane Kane as chief executive. 

This will provide additional credibility to the potential bid for Afferro Mining Inc, where he used to be a non-executive director. The bid is likely to be between 115p a share and 140p a share and be made via a mixture of cash and shares.

Ousmane worked for the African Development Bank for 15 years and since then has been director general of Mauritania’s state-owned iron ore company and as governor of the Central Bank of Mauritania.

Until recently Ousmane was deputy chairman of African Iron Ore Group. An agreement with AIOG led to IMIC being offered the chance to be involved in AIOG’s joint venture with the Guinea government in the Simandou South iron ore-related infrastructure project. IMIC and AIOG initially swapped 10% stakes in each other. Following a placing that raised £10m at 20p a share AIOG has a 13% stake.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2013_40.pdf

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