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African Minerals cuts iron ore shipment forecast

The miner has cut its forecast from its mine in Sierra Leone yet again and is in advanced talks to secure the financing it needs to fund its working capital requirements.

(Reuters) - 

Miner African Minerals Ltd cut its forecast for iron ore shipment from its flagship mine in Sierra Leone yet again and said it was in advanced talks to secure the financing it needs to fund its working capital requirements.

The company, which has been looking for funding, said it was in talks to secure a working capital facility of up to $250 million and also increase the size of its existing facility to $150 million.

The miner, which owns the Tonkolili mine that sits on one of Africa’s largest iron ore deposits, has already cut its production forecast twice this year as shipping was suspended between August and October due to high moisture levels after unusually heavy rains.