African Minerals Ltd Result of AGM (0748P)

TIDMAMI

RNS Number : 0748P

African Minerals Ltd

13 August 2014

African Minerals Limited

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

Resolutions Passed at 2014 AGM

_______________________________________

At the Annual General Meeting of African Minerals Limited held at Five Stratton Street, London, W1J 8LA at 11am on 13 August 2014, the following ordinary resolutions were passed:

ORDINARY RESOLUTIONS

1. THAT the Directors' report, the financial statements and the auditor's report for the financial year ended 31 December 2013, as approved by the Directors, be received and adopted.

   2.   THAT the Directors' remuneration report for the year ended 31 December 2013 be approved.

3. THAT Ernst & Young LLP be reappointed as independent auditors to the Company, and that the Directors be authorised to set their remuneration.

4. THAT Roger Liddell, who retired by rotation in accordance with the Bye-laws, be re-elected as a Director of the Company.

5. THAT Nina Shapiro, who retired by rotation in accordance with the Bye-laws, be re-elected as a Director of the Company.

All resolutions were declared passed as ordinary resolutions of the Company, after being put to the vote of the meeting on a poll. The results of the voting were:

 
                              For                                Against 
-----------  ------------------------------------  ---------------------------------- 
 Resolution     No. of       % of     % of issued     No. of      % of    % of issued 
     No.         shares       vote       shares       shares      vote       shares 
-----------  ------------  --------  ------------  -----------  -------  ------------ 
     1        237,757,722    99.95%        71.63%      121,247    0.05%         0.04% 
-----------  ------------  --------  ------------  -----------  -------  ------------ 
     2        161,704,260    68.16%        48.72%   75,546,708   31.84%        22.76% 
-----------  ------------  --------  ------------  -----------  -------  ------------ 
     3        237,895,708   100.00%        71.67%           11    0.00%         0.00% 
-----------  ------------  --------  ------------  -----------  -------  ------------ 
     4        164,221,449    69.24%        49.48%   72,941,810   30.76%        21.98% 
-----------  ------------  --------  ------------  -----------  -------  ------------ 
     5        206,122,951    86.81%        62.10%   31,312,308   13.19%         9.43% 
-----------  ------------  --------  ------------  -----------  -------  ------------

Resolution 6 on the notice of meeting (re-election of Dermot Coughlan as a director) was withdrawn and not put to the meeting, as Dermot Coughlan has resigned from his position as a director, as announced by the Company on 16 July 2014.

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 12.8 Bt. The multi-generational Project is being developed in a number of staged expansions. In 2013, African Minerals completed sales of 12.1 Mt to its customers. The current year sales guidance is for 16-18 Mt of exports as the operations focus on operating at the 20 Mtpa run rate design capacity.

Phase 2 expansion will see exports increase to 25 Mtpa, and will incorporate production of a high grade concentrate product. Concentrate production is expected to begin in 2015 and will eventually displace current DSO production as concentrate volumes increase and the DSO resource depletes over time.

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

RAGSFSFIDFLSEFA

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