November 20, 2014 / 6:33 PM / 3 years ago

Funding woes lead African Minerals to mull cutting Tonkolili stake

Nov 20 (Reuters) - African Minerals Ltd said it was seeking to sell a part of its stake in the Tonkolili mine in Sierra Leone as it was uncertain when its partner, Shandong Iron and Steel Group, would release $102 million in restricted cash for the project.

African Minerals, which is struggling to shore up its finances, said it was unlikely to find alternative sources of funding in the near future.

The company, which owns a 75 percent stake in the project, also said on Thursday that structuring a new debt facility with Standard Chartered Bank was not currently possible. (Reporting by Esha Vaish in Bangalore; Editing by Simon Jennings)

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