Afferro deal offers IMIC 'highly attractive' opportunity in Cameroon
Haresh Kanabar, Executive Chairman of International Mining & Infrastructure Corporation, tells Proactiveinvestors why his firm is splashing out $190m on Cameroon-focused Afferro Mining. He talks about his firm's plans to get 2.5bln/t of iron ore stranded at the Nkout mine out of the country. Kanabar also discusses the terms of the deal and why IMIC chose to split payment between cash and a loan note.
I can't help thinking that it is only a matter of time before the French media pick up on this as a small stick to beat the anglophones with. Cameroon is bilingual (a bit like Canada but in reverse) so nationalists like Gueant himself might be forgiven for wondering why a French led company isn't seeking to provide the infrastructure for the south of the country (conveniently forgetting the former British mandate in the area of course) on behalf of the Cameroon and the Chinese. What on earth was the Chairman of IMIC doing appointing him at this time. What was the NOMAD doing agreeing to it? Perhaps the Chairman wants to spend more time with his family after almost three years at the top of IMIC, bearing in mind that the job is about to get much busier, there's room for only one Chairman in the merged entity and Afferro have the stand out candidate for the post on their Board. All in my personal opinion and with no accusations of any impropriety by anyone of course.
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