African Minerals Ltd Change of Directors (8652P)
August 22 2014 - 8:27AM
UK Regulatory
TIDMAMI
RNS Number : 8652P
African Minerals Ltd
22 August 2014
22 August 2014
African Minerals Limited
("African Minerals", "AML", or "the Company")
Change of directors
African Minerals Limited announces that Mr Li Zhimin has
resigned from his role as Non-Executive Director of the Company,
and is replaced by Mr Yang Yang as the nominated representative of
China Railway Materials Company Limited ("CRM") on the Company's
Board with effect from today.
Under the 1 April 2010 Subscription Agreement signed with CRM,
it has the right to nominate one non-executive director to the
Board of AML for as long as its shareholding in AML is at least 5%.
Due to a change in management responsibilities CRM has nominated Mr
Yang as its Board representative in place of Mr Li.
The following information in relation to Mr Yang's appointment
is disclosed in accordance with Schedule Two (g) of the AIM Rules
for Companies:
Mr Yang Yang (aged 40) has been a director or partner of the
following companies/partnerships during the five years preceding
the date of this announcement:
Current Directorships Previous Directorships
China Railway Materials Development CRM Modern Logistics Company
Holding Company Limited Limited
CRM Xiamen Company Limited
CRM Shanghai Company Limited
There is no further information to be disclosed pursuant to
Schedule Two (g) of the AIM Rules for Companies.
Contacts:
African Minerals Limited
+44 20 3435 7600
Mike Jones
Tavistock Communications
+44 20 7920 3150
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 II 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
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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