Afferro Mining narrows its losses

Iron ore miner Afferro Mining yesterday announced that it had lost $0.8m (£0.5m) in the first quarter of 2013, compared to a $1.9m loss in the first quarter of the previous year. The company incurred $4.9m in costs during the quarter, leaving it with $84m in cash and short-term investments. The news follows yesterday’s announcement that it has agreed to recommend a takeover offer from the International Mining and Infrastructure Corporation (IMIC).