By Silvia Antonioli
LONDON, March 6 Fri Mar 6, 2015 11:51am EST
LONDON, March 6 (Reuters) - Sierra Leone-focused mining company African Minerals said on Friday it will appoint administrators after failing to repay its lender and partner in the Tonkolili iron ore project Shandong Iron and Steel Group.
After taking on some of African Minerals' debt from banks and demanding immediate repayment last week, Shandong, which owns 25 percent in Tonkolili, took control of the holding companies in the project.
"Following the events announced last week and earlier this week, and further discussions with Shandong Iron and Steel Group, the board has concluded that there is no reasonable prospect of it being able to achieve a negotiated solution with (Shandong)," African Minerals said in a statement.
London Mining a company which owned Marampa, an iron ore mine near Tonkolili, also went into administration last year.
Both companies have been battered by costs related to the Ebola outbreak in West Africa and a rout in iron ore prices over the last year.
African Minerals shut its operations in Sierra Leone in late November over a lack of working capital and its shares have been suspended since Nov. 20 due to uncertainty about the company's future.
In November, African Minerals' chairman and founder Frank Timis bought Marampa and agreed access for Marampa's iron ore to African Minerals' rail and port infrastructure. (Editing by Elaine Hardcastle)
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