21st May 2014 12:09
LONDON (Alliance News) - African Minerals Ltd Monday said it ramped up iron ore production in the first quarter 2014 to 5.3 million tonnes compared with 3.9 million tonnes in the fourth quarter 2013.
The exploration, development and production company, with interests in Sierra Leone, said it exported 4.6 million tonnes during the first quarter 2014, up from 3.8 million tonnes in the fourth quarter 2013 and 2.1 million tonnes in the first quarter 2013.
African Minerals said preparations are underway for the annual seasonal impact of the coming wet season, and it looks forward to testing its interventions.
The firm also said it is maintaining its guidance of exporting 16 million to 18 million tonnes this calendar year with C1 cash costs of between USD34 and USD36 per tonne, exiting the year at a "sustainable run" rate of 20 million tonnes a year, and with cash costs falling to USD30 per tonne at that production rate.
Looking ahead, African Minerals said it is well advanced in its next stage of growth, targeting low capital cost optimisation and expansion to its infrastructure capacity.
"We aim to exit 2014 with a 25 million tonne a year export capability, and to start the construction of our first friable haematite concentrator facility at the end of this year, with up to 10 million tonnes a year of final product concentrate processing capability being brought online in 2016," Chief Executive Bernie Pryor said in a statement.
African Minerals shares were quoted down 4.0% at 103.17 pence Wednesday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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