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  Wednesday, June 26, 2019
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Russian steel producer Severstal [RTS: CHMF] said on Friday
Russian steel producer Severstal [RTS: CHMF] said on Friday it had reached an agreement to purchase a 61.5% stake in the African Iron Ore Group (AIOG) for $37.5 million.

The share purchase in the company, which owns exploration rights for a deposit in the Liberian Putu Range, and also a 6.29% stake in Mano River Resources Inc., which currently controls AIOG, will be carried out through Severstal's Dutch subsidiary, Lybica Holding B.V., Severstal said.

"According to preliminary data, it is estimated that the Putu Range deposit contains at least 500 million tons of iron ore. This number may substantially increase as a result of a detailed exploration exercise which is planned by Severstal Resurs (which operates Severstal's mining assets)," Severstal said.

Severstal accounts for over 16% of Russian steel output, and has industrial facilities in Russia, the United States, Italy, France, Britain, and Ukraine.

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