British mineral exploration and development company Afferro Mining Inc. has announced that it has signed a non-binding memorandum of understanding (MoU) with POSCO Africa (Pty) Ltd., a wholly-owned subsidiary of South Korean steel producer POSCO to negotiate a definitive agreement in relation to Afferro's Nkout, Ntem and Akonolinga iron ore projects in Cameroon.
POSCO Africa intends to make a project-level investment and to cooperate to facilitate infrastructure and project development funding. Both parties are willing to sign a definitive agreement during the second quarter of 2013.
Afferro Mining stated that the memorandum of understanding with POSCO Africa is a potentially transformational step in the continuing development of the high quality and strategically located portfolio of iron ore assets in Cameroon.
