The deal was estimated at around $500m-$600m, reported Livemint.com
However, JSPL has stated that the iron ore projects have low grade magnetite. The other deterrents were problems in beneficiation, financial unviablility and lack of infrastructure.
It was concerned about the new mining code in Cameroon.
The new mining code grants exploration limit of seven years and upon renewal, if granted, the government will take 50% of the license area.
In Cameroon, Afferro has four mining projects, of which the two biggest and explored concessions are due for renewal in 2013.
Meanwhile, Afferro has maintained that talks with International Mining and Infrastructure Corporation and other potential partners are in progress.
