– UK, London – 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.
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.
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