African Minerals, which is dealing with a short-term funding crunch, said it expects total capital expenditure on the revised expansion plan to be about $2 billion.
"This will significantly reduce capital costs, and de-risk the project's delivery, whilst at the same time reducing social and environmental impacts," African Minerals said.
The company cut its iron ore shipment forecast from the Tonkolili mine, which sits on one of Africa's largest iron ore deposits, and said it was in advanced talks to secure additional working capital requirements.
African Minerals has cut its production forecast twice this year as shipping was suspended between August and October due to high moisture levels after unusually heavy rains.
The miner also agreed to raise China Railway Material Group Co Ltd's ownership limit in the company to 15 percent from 12.5 percent. (Reuters)
