Frank Timis, the founder of African Minerals, has announced that he is in the process of acquiring the Sierra Leone assets of the now-bankrupt London Mining. The acquisition is being made through Timis’ company, Timis Corporation, which will acquire London Mining’s iron ore assets in Sierra Leone for an undisclosed amount. London Mining had been a major player in the iron ore industry in Sierra Leone for several years before it went into administration in 2015, due to a collapse in the price of iron ore.
The company had been producing iron ore from its Marampa mine since 2011, and had developed a rail and port infrastructure to transport the ore to port. The acquisition of London Mining’s Sierra Leone assets is seen as a major boost to the local economy. Timis, who is originally from Romania, is a well-known business figure in Sierra Leone, having operated a number of successful businesses in the country, including oil exploration and production, and gold mining.
The acquisition will enable Timis to expand his operations in Sierra Leone and to take advantage of the increasing demand for iron ore. The Marampa mine has a capacity to produce up to 5 million tonnes of iron ore per year, and the rail and port infrastructure developed by London Mining will enable Timis to transport the ore to port for export. In addition to acquiring London Mining’s iron ore assets, Timis will also be taking on the company’s liabilities. This includes the repayment of debt that London Mining had taken on to finance the construction of the rail and port infrastructure.
It is expected that the acquisition of London Mining’s Sierra Leone assets will be completed by the end of the year. The acquisition of London Mining’s Sierra Leone assets is a major coup for Timis and his company, Timis Corporation. It will give Timis the opportunity to expand his operations in Sierra Leone, while at the same time providing a major boost to the local economy. The acquisition will also provide a much-needed source of employment in the region, with the Marampa mine set to employ hundreds of local people. The acquisition of London Mining’s Sierra Leone assets is part of Timis’ plan to become a major player in the global iron ore industry.
Timis has already acquired iron ore assets in Guinea, and is in the process of developing other projects in West Africa. He is also looking to expand into other mineral resources, such as gold, diamonds, and copper. The acquisition of London Mining’s Sierra Leone assets has been welcomed by the government of Sierra Leone, which is keen to see the development of the local economy and the creation of jobs. It is hoped that the acquisition of London Mining’s Sierra Leone assets will help to revive the local economy, which has been hit hard by the collapse of the iron ore price.
The acquisition of London Mining’s Sierra Leone assets is also seen as a major step forward in the development of the country’s infrastructure. The rail and port infrastructure developed by London Mining will enable Timis to transport the ore to port for export, and this will be a major boost to the local economy. The acquisition of London Mining’s Sierra Leone assets is a major move by Timis, and it is expected that it will have a positive effect on the local economy. The acquisition will enable Timis to expand his operations in Sierra Leone, and it is hoped that this will lead to increased investment in the country and the creation of more jobs in the region.
