Establishment of Finance Credit Facility

23 November 2012

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

Establishment of additional Equipment Finance Credit Facility

Further to our announcement of 21 November 2012, African Minerals is pleased to announce that it has completed and signed documentation with Standard Bank Limited for the provision of $92m of a new equipment finance credit facility.

Contacts:

African Minerals Limited

+44 20 3435 7600

Mike Jones

FTI Consulting

+44 20 7831 3113

Billy Clegg / Ben Brewerton

Deutsche Bank

+44 207 545 8000

Brent Nabbs

African Minerals is developing its Tonkolili iron ore 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 3 phases. Phase I is expected to produce 20 million tonnes of iron ore per annum at full capacity.

Phase II now contemplates an expanded production facility at the mine to produce an additional 30Mtpa of 64% high grade hematite concentrate and the establishment of an expanded port facility at Tagrin Point.

African Minerals and its contractors currently employ approximately 11,000 people in Sierra Leone, 83% of who are Sierra Leonean nationals.

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 Tonkolili 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 a 10% free carried interest.

www.african-minerals.com