Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

OAO Severstal (SVST)

  Print      Mail a friend

Monday 12 December, 2011

OAO Severstal

Severstal to accumulate 100% of Putu

RNS Number : 7622T
OAO Severstal
12 December 2011



Severstal to accumulate 100% of the Putu Iron Ore Project in Liberia


December 12, 2011, Moscow - OAO Severstal (hereinafter - Severstal or the "Company"), one of the world's leading vertically integrated steel and steel related mining companies, today announces that its indirect subsidiary Lybica Holdings B.V. ("Lybica") has entered into a legally binding heads of terms agreement (the "Heads of Terms") with Afferro Mining Inc. and its wholly owned subsidiary Mano River Iron Ore Holdings Limited ("Mano"), for the purchase of 38.5% interest in the Putu Iron Ore Project, Liberia ("Putu").  Severstal currently holds the remaining 61.5% interest in Putu.


Thomas Veraszto, Senior Vice President of Strategy and Corporate Development of Severstal, commented:

"We are pleased to announce this transaction which will strengthen Severstal's position in the global iron ore market. The acquisition is in line with our key strategic goals of being a leading global steel and steel related mining company with high quality iron ore and coal assets across the world. Severstal will continue to develop Putu and consider the best strategic options to advance the project. We would also like to express our gratitude to Afferro Mining for successful partnership between our companies during the last three years".


Consideration Terms:


Under the Heads of Terms an initial cash payment of US$65 million will be payable on completion of a definitive sale and purchase agreement (the "SPA") by no later than 28 February 2012.  A deferred cash payment will be made in an amount to be determined in accordance with the following provisions:


A)   At any time after the earlier of (i) June 30, 2013 and (ii) two months after the delivery of a definitive feasibility study (the "DFS") relating to Putu, Mano may require Lybica to pay a cash payment of US$50 million.  Such right shall terminate on the second anniversary of such right first arising.

B)  Provided Mano has not exercised its rights under the above clause (A), in the event of the agreement by Lybica or Severstal on or prior to the date which is in the earlier of (i) 12 months after the delivery of a DFS and (ii) 31 March 2015 to directly or indirectly sell all or a material part, being not less than 10%, of Putu or otherwise realize commercial value for it (e.g. by the introduction of another investor acquiring a material interest in the project or offering of shares to the public in an entity holding Putu), Lybica shall make a cash payment to Mano equal to the greater of (i) US$70 million and (ii) a sum equal to 38.5% of the total consideration in respect of the sale or realization event less 38.5% of any further developments costs, less the initial cash payment of US$65 million, such sum to be multiplied by 50%.  This payment would be payable 60 days from the date of completion of the relevant binding agreement for the sale or other commercializing transaction.

C)  At any time after 30 June 2014, Lybica may at its sole discretion make a cash payment of US$70 million to Mano being a Deferred Payment. Upon receipt of such payment any rights of Mano under clauses (A) and (B) above shall terminate.


Timing and Next Steps:


Subject to the terms and conditions set out under the Heads of Terms, the parties plan to enter into the SPA by 23 December 2011. The transaction will require obtaining the approval of shareholders of Afferro Mining Inc. and regulatory consents.



For further information please contact one of the following:


Severstal Investor Relations

Vladimir Zaluzhsky

T: +7 (495) 926-77-66


Severstal Public Relations

Elena Kovaleva

T: +7 (495) 926-77-66





OAO Severstal is one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, the USA, the Ukraine, Latvia, Poland, Italy, Liberia and Brazil. Severstal's gold business, Nordgold, was established in 2007 and comprises mines and exploration projects in Russia, Kazakhstan, Burkina Faso and Guinea. Severstal is listed on RTS and MICEX and the company's GDRs are traded on the LSE. Severstal reported revenue of $13,573 million and EBITDA of $3,263 million in 2010. Severstal's crude steel production in 2010 was 14.7 million tonnes.



Afferro Mining Inc. is an established exploration and development company listed on the TSX-V (AFF) and AIM (AFF). Afferro's portfolio includes the 100% owned Nkout iron ore project and surrounding iron ore targets in Cameroon. Afferro currently has a 38.5% interest in the Putu iron ore project in Liberia, which is currently intending ti sell to Severstal, the Company's joint venture partner, under the binding heads of terms agreed between Severstal and Afferro.



This information is provided by RNS
The company news service from the London Stock Exchange