BlackRock Lifts Stake In African Iron To Almost 12%

The Australian arm of BlackRock Inc. (BLK) said Tuesday that it has lifted its stake in iron-ore explorer African Iron Ltd. (AKI.AU) to almost 11.6% from 7.6% through a series of market purchases.

Perth-based African Iron's primary asset is the Mayoko iron-ore project in the Republic of Congo where the company is developing a mine that will initially produce 5 million metric tons a year by mid-2013. BlackRock said the project benefits from excellent infrastructure with a nearby underused railway passing within 2 kilometers of the main prospect and terminating at the port of Pointe-Noire on the Atlantic Ocean.

Equatorial Resources Ltd. (EQU.AU), which is exploring for ore to the west of the Mayoko site, earlier this year bought a 20% stake in African Iron.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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