FD quits Timis mining group

Craig Smith is to step down as the chief financial officer of African Minerals, an Aim-listed miner which struck a $1.5bn investment deal with China last month.

The company, which is led by the colourful businessman Frank Timis, said Mr Smith would depart at the beginning of next month after helping with the transition of his successor.

Last month, Shandong Iron & Steel agreed to invest in African Minerals in a deal that will assist the development of the company's flagship Tonkolili iron ore project in Sierra Leone.

The agreement was the company's second investment deal with a Chinese group. In January, African Minerals sealed a pact with the China Railway Materials Commercial Corporation, a major Chinese steel trader.

Shares in African Minerals dropped by 3 per cent to 379p yesterday.