Feb 7 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).