Tianjin Materials and Equipment Group Corporation (Tewoo) has signed a Memorandum of Understanding for a 16.5% stake into Sierra Leone’s iron ore miner, African Minerals Limited (AML).

The investment announced last week is in two stages. In the first stage Tewoo will buy a 10% stake in AML for US$390million. Secondly it will buy 10% of the Tonkolili project for another US$600million.