MOSCOW, July 10 (Reuters) - London-listed Kazakh miner ENRC (ENRC.L) is considering a bid for Sierra Leone-focused African Minerals (AMIq.L) and has been discussing the issue of a convertible bond, banking sources said on Friday.

"They are interested in AMI (African Minerals), which recently discovered the world's third-largest (magnetite) ore deposit," one of the sources said.

African Minerals attracts suitor interest
By Neil Hume and Bryce Elder of the FT

Published: July 11 2009 03:00 | Last updated: July 11 2009 03:00

Frank Timis's African Minerals was in focus on Friday. Its shares rose 8.7 per cent to 250p on talk that the company, which claims to have discovered the world's third-largest (magnetite) ore deposit, could be a takeover target for Kazakh miner ENRC.

The Sierra Leone-focused company is currently valued at 470m and recently raised 63m from a sale of new shares at 250p. Analysts estimate its Tonkolili ore project will require about $2.6bn of investment.

Deutsche Bank 27/09
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