Shares in African Minerals dive on funding woes

Johannesburg - Shares in African Minerals, struggling to shore up its battered finances, has tumbled on concern over short term funding.

Stock were down around 19.3%, off the day's lows when they were down 22.6%.

African Minerals said on Wednesday there were "reasonable prospects" to secure alternate funding for its iron ore project in Sierra Leone.

This after saying there was no certainty when it would get funds from its partner in the mine.

Analysts at Barclays believe this may indicate that previously announced short term financing of $284m may not be as forthcoming in its entirety as originally expected.