Telegraph reported speculation swirled that Harbinger Capital Partners is building a secret stake in the Sierra Leone iron ore miner controlled by Mr Frank Timis the controversial founder of Regal Petroleum.

The chatter was that Harbinger, a powerful US hedge fund run by Mr Philip Falcone has built a small stake in African Minerals and has been talking to London brokers in recent days about picking up more stock.

If Harbinger has built a stake in the company, it is not clear what the hedge fund’s intentions are for African Minerals.

The group runs a variety of strategies. Sometimes the investment fund acts as a passive, long only investor. However, Harbinger also has a reputation for being activist and occasionally bids for companies.

(Sourced from Telegraph)