Afferro Mining says ends talks with India's Jindal Steel

Thu Feb 7, 2013 7:28am GMT

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Feb 7 (Reuters) - Cameroon-focused iron ore explorer Afferro Mining Inc said talks with India's Jindal Steel and Power Ltd had ended as it believed Jindal's indicative offer undervalued the company, but added that it continued to be in discussions with other parties.

Afferro, which said in December that it was in negotiations with several parties that could result in a strategic investment, said talks with International Mining and Infrastructure Corp (IMIC) and other potential strategic partners were progressing.

IMIC, an investment company that targets projects and businesses in the resources sector, held roughly 5 percent of Afferro's issued share capital as of late January.

Afferro shares closed at 79.5 pence on Wednesday on the London Stock Exchange, giving the company a market capitalisation of around 89 million pounds ($139.31 million).

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