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Bank of England expected to hold interest rates

Investors predict MPC will maintain interest at 5.25% when it meets on Thursday.

African Minerals says no funds to meet $17 mln coupon payment

Reuters - UK Focus

Feb 10 (Reuters) - African Minerals Ltd said it did not have money for a $17 million coupon payment on its $400 convertible bonds due Feb. 10, two months after a cash crunch forced it to shut down its Sierra Leone operations.

The miner, which was battered by a slump in iron ore prices and the impact of the Ebola epidemic in West Africa, said its Tonkolili project remained shut even as long-term funding talks with Shandong continued.

Shandong Iron and Steel Co Ltd, the Chinese partner for its Tonkolili project, had made claims against the project that had diminished the its value, African Minerals said.

African Minerals, which has a 75 percent stake in the Tonkolili project, said on Tuesday it had a bank debt of $276 million. (Reporting by Esha Vaish in Bengaluru; Editing by Gopakumar Warrier)