JSW Steel 'very close' to acquiring London Mining

India’s third-largest steelmaker JSW Steel is nearing a deal to buy embattled West African iron ore miner London Mining, a source with direct knowledge of the negotiations said on Friday.

“JSW is very close to a deal. It is almost 100 percent done,” the source said.

Two other sources with knowledge of the situation confirmed the miner was days away from securing a deal with a strategic partner, but did not name JSW.

Spokesmen for the two companies could not immediately be reached for comment.

Sources familiar with the matter had said earlier this week that JSW Steel was in talks with London Mining, showing Indian firms’ growing appetite to secure raw materials abroad.

London Mining’s shares, which have tumbled 96 percent in value this year, more than doubled on Friday on hopes of an imminent deal.

Reuters