The sale and purchase agreement, estimated to be worth $115m, was first signed on 23 December 2011.
The approval will enable Afferro Mining to sell a 38.5% interest in the iron ore project, to Lybica Holdings B.V, an affiliate of ZAO Severstal Resources.
Lybica, which currently owns 61.5% of the Putu joint venture project, will now hold full control over the Liberian project.
The sale will enable Afferro to move forward with the development of its wholly-owned Nkout iron ore project in Cameroon.
The transaction is expected to be complete no later than 28 February 2012.
On completion of the sale, Afferro will receive an initial payment of $65m on cash and a further $50m deferred payment will also be due.
