22nd Jul 2013 16:33
For immediate release
22 July 2013
African Minerals Limited (the "Company")
Additional Listing on Exercise of Share Options
African Minerals Limited (AIM:AMI) announces that 16,668 new common shares of US$0.01 each have been issued and allotted pursuant to the exercise of share options.
Application has been made for these shares to be admitted to trading and these will rank pari passu with the Company's existing common shares. Admission of these shares to AIM is expected on or about 26 July 2013.
After issuing these shares, the Company will have 331,467,530 common shares in issue.
Ends
Contacts:
African Minerals Limited
+44 20 3435 7600
Mike Jones
FTI Consulting
+44 20 7831 3113
Ben Brewerton / Oliver Winters
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. The current Project operations are expected to produce 20 million tonnes of iron ore per annum at full capacity, with this run-rate of production having first been achieved in June 2013.
The next stage of Project expansion now contemplates the production of up to 35Mtpa of 64% high grade hematite concentrate and the expansion of the current port facilities at Pepel, expected to enter production in 2016.
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
Related Shares:
AMI.L