Afferro Mining (LON:AFF, CVE:AFF) has confirmed it has received a takeover offer from International Mining and Infrastructure (IMIC) after speculation in the press.
Afferro said it has received an initial approach from IMIC, adding that its suitor would be prepared to make a bid at between 115p and 140p per share for the whole of the company.
The amount will be met by an undisclosed mix of cash, yet to be raised by IMIC and new IMIC shares.
"The approach from IMIC is at a very early stage and there can be no certainty that a formal offer will be forthcoming," said Afferro.
"In addition, Afferro continues to have discussions with other interested parties regarding a possible offer for the issued and to be issued share capital of Afferro."
The company, whose portfolio includes the wholly-owned Nkout iron ore project in Cameroon, is currently under exclusivity obligations with one other party, which means Afferro can not kick off talks with IMIC until January 13.
The company insisted that there is no certainty a deal will be struck.
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