African Minerals Ltd Directorate Change (4233M)

TIDMAMI

RNS Number : 4233M

African Minerals Ltd

16 July 2014

African Minerals Limited

("African Minerals", "AML", or "the Company")

Resignation of director

African Minerals Limited (AIM: AMI) announces that Dermot Coughlan, one of its independent non-executive directors, has advised the Company of his resignation with immediate effect.

Dermot has been an independent director of the Company since 2010 and the Company notes his contribution during that time which saw the rapid progression of the Company's Tonkolili project through exploration, development, construction and into operations.

Contacts:

African Minerals Limited

+44 20 3435 7600

Mike Jones

Tavistock Communications

+44 20 7920 3150

John West / Jos Simson / Nuala Gallagher

Jefferies

+44 20 7029 8000

Nick Adams / Alex Collins

About African Minerals

African Minerals operates the Tonkolili Iron Ore Project (the "Project") in Sierra Leone, with a JORC compliant resource of 12.8Bnt. The Project, which currently has a 60+ year mine-life, is being developed in a number of staged expansions. In 2013, African Minerals completed sales of 12.1Mt to its customers. The current year sales guidance is for 16-18Mt of exports as the operations focus on operating at the 20Mtpa run rate design capacity.

Phase II expansion contemplates the production of an expanded tonnage including the establishment of a high grade concentrate product with the project ramping up to 25Mtpa.

The Company has also developed significant port and rail infrastructure to support the operation of the Project, via its subsidiary African Rail and Port Services (SL) Limited ("ARPS"), in which the Government of Sierra Leone ("GoSL") has a 10% free carried interest.

The Project companies are currently owned 75% by AML, and 25% by Shandong Iron and Steel Group ("SISG"), except for ARPS, which is currently owned 75% by AML and 25% by SISG, with the GoSL having the right to a 10% free carried interest from AML.

www.african-minerals.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

BOAGGUPAMUPCPPA

African Min. (LSE:AMI)
Historical Stock Chart
From Jun 2024 to Jul 2024