FY 2013 Production Update

10th January 2014

African Minerals Limited

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

Production for FY 2013

AML exports 12.1Mt in 2013, in line with guidance

African Minerals, the developer and operator of the Tonkolili iron ore mine in Sierra Leone, today confirms the export production level achieved for the calendar year 2013.

Production Highlights

· Q4 sales of 3.8Mt (Q3 FY 2013 : 2.8Mt)

· FY 2013 sales of 12.1Mt (FY 2012 : 4.1Mt)

· FY 2013 total tonnes loaded onto ships of 12.2Mt

Exports from the Tonkolili Project totalled 12.1Mt during the 2013 financial year, with 3.8Mt exported in Q4. Nine Ocean Going Vessels were loaded during December, for a December sales tonnage of 1.6Mt, while the 10th vessel was partially loaded at the end of the month.

As such the previous guidance of 11-13Mt of exports in 2013 has been achieved.

Further information will be included in the Q4 trading update that is expected to be released in the second half of January 2014.

Bernie Pryor, Chief Executive Officer of African Minerals, said:

"I am pleased to report that the previous guidance of 11-13Mt of exports in 2013 has been comfortably met. We continue to work towards a production consistency across the complete integrated logistics chain, and remain confident of achieving the 20Mtpa sustainable run rate as our ramp up continues in 2014."

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, Phase 2, now contemplates the production of an increased tonnage of 64% high grade hematite concentrate with the first saprolite plant 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