African Minerals seeks tighter takeover protection

African Minerals, the largest company on London's junior AIM market, will ask shareholders next month to vote on increasing its takeover prohow do you process dirty mica in a quarrytection with the company's corporate profile likely to rise once it starts producing iron ore.

The provisions will be a diluted version of the UK's Takeover Code, which regulates the way acquisitions are done. The Bermuda-registered miner is not covered by the code. African Minerals, which last month appointed Deutsche Bank as its nominated adviser and broker, said it is not looking to lift its protection in response to any specific interest. "It is appropriate to protect shareholders given that the company is moving from exploration to producer in Q4 this year," a spokesman told Reuters. African Minerals expects to start producing iron ore at its flagship Tonkolili project in Sierra Leone this year. Shandong Iron & Steel, the world's ninth-largest steel group, is paying $1.5 billion for a 25 percent stake in the project. Shares in the company have...