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AML chair concludes buyout of embattled London Mining asset

By: Natasha Odendaal A company established by African Minerals Limited (AML) executive chairperson Frank Timis has stepped in to buy embattled London Mining’s Sierra Leone assets for an undisclosed amount. AML gave the go-ahead to Timis, in his personal capacity, to acquire the Marampa mine, through Timis... 

Tonkolili on track to meet 20Mt/y target during 2014

By: Leandi Kolver Production from iron-ore developer African Minerals’ Tonkolili operation, in Sierra Leone, was expected to stabilise at 20-million tons a year during 2014, with cash costs falling to around $30/t, CEO Bernie Pryor said on Monday. "The Tonkolili project finalised its construction in May 2013 and... 

Major US$990m proposed Strategic Investment by Tianjin Materials and Equipment Group Corporation ("Tewoo") confirms US$6Bn valuation of Tonkolili Project

By: Creamer Media Reporter African Minerals Limited is pleased to announce it has entered into a strategic, binding Memorandum of Understanding (the "MoU") with Tianjin Materials and Equipment Group Corporation ("Tewoo") in respect of AML's flagship iron ore project at Tonkolili, Sierra Leone, and its related... 

Tewoo to invest $990m in Tonkolili iron-ore project

By: Leandi Kolver London-listed iron-ore firm African Minerals has entered into a memorandum of understanding (MoU) with China-based import and export enterprise Tianjin Materials and Equipment Group Corporation (Tewoo) in respect of the Tonkolili iron-ore project and its associated infrastructure in Sierra Leone.... 

African Minerals stabilising Tonkolili at 20 Mt/y, lowers sales guidance

By: Leandi Kolver London-listed African Minerals was making continued progress towards stabilising its Tonkolili iron-ore operation at the 20-million-tonnes-a-year level, new CEO Bernie Pryor said on Wednesday. Pryor was appointed CEO of the company on August 14, replacing Keith Calder, who became CEO in July... 

African Minerals ushers in new CEO, CFO as Calder and Perry exit

By: Creamer Media Reporter London-listed iron-ore firm African Minerals Limited (AML) on Wednesday announced the resignations of its CEO and CFO and said that company director Bernard Pryor and Kazakhmys CFO Matthew Hird would take up the positions. The Tonkolili project owner, which lost 14% on the London bourse on... 

Cockerill appointed African Minerals vice-chairperson

By: Idéle Esterhuizen Former Gold Fields CEO Ian Cockerill has joined the board of West African iron-ore miner African Minerals as an independent director and vice-chairperson, the company announced on Monday. Cockerill, whose appointment is in line with African Minerals’ objective of having a majority of independent... 

African Minerals advances West Africa’s largest iron-ore mine

By: Natasha Odendaal London-listed African Minerals was on track to achieve the targeted 20-million-to-a-year iron-ore production capacity at its Tonkolili project by the second quarter of the 2013 financial year. The Sierra Leone-based iron-ore mine, which tabled a 2013 production guidance of 15-million to... 

African Minerals CEO steps down after 3 yrs

By: Reuters African Minerals surprised the market on Tuesday when it said CEO Alan Watling intended to retire after just three years at the helm, following completion of an early stage in its key Sierra Leone iron-ore project. News of Watling's planned retirement hit shares in the miner, the largest of West... 

African Minerals to export 10Mt from Tonkolili in 2012

By: Idéle Esterhuizen Aim-listed African Minerals expects to export about ten-million tons of iron-ore from its Tonkolili mine, in Sierra Leone, this year, chairperson Frank Timis said on Wednesday, but cautioned that forecasting was difficult, as the mine, rail and port were still in the construction and... 

Shandong completes $1.5bn Tonkolili investment  

By: Esmarie Swanepoel China’s Shandong Iron & Steel Group (SISG) has completed a $1.5-billion acquisition of a 25% stake in Aim-listed African Minerals’ Tonkolili iron-ore project, in Sierra Leone. The investment included certain discounted offtake arrangements for iron-ore produced at the Tonkolili mine, which would... 

Company Announcement: African Petroleum Awarded Second Cote D'Ivoire Exploration Block

African Petroleum Corporation Limited, a West African focused oil and gas exploration company, is pleased to announce that its wholly owned subsidiary, African Petroleum Côte d’Ivoire Limited, has entered into an agreement with the Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire... 

China’s NDRC approves $1.5bn Shandong investment in Tonkolili

By: Henry Lazenby China's National Development and Reform Committee (NDRC) has approved Shandong Iron and Steel's proposed $1.5-billion investment in African Minerals’ Tonkolili iron-ore project, in Sierra-Leone. London-listed African Minerals said Shandong confirmed that testing of the trial shipment of iron-ore... 

African Minerals arranges $868m to fund Tonkolili expansion

London-listed African Minerals has arranged $868-million in financing for the continued expansion at its Tonkolili iron-ore project in Sierra Leone. The company said on Tuesday it had successfully closed the book and pricing of $350-million of convertible bonds due 2017. African Minerals also... 

Roy Pitchford

By: Mary-Anne O’Donnell Position: Non-executive chairperson, Village Main Reef Main activity of the company: Mining Date and place of birth: September 21,1950, Johannesburg 

African Minerals gets improved terms from Shandong

By: Reuters African Minerals has negotiated improved terms from China's Shandong Iron & Steel for a planned $1,5-billion investment in its flagship iron ore project in Sierra Leone. Shandong will invest $1,5-billion for a 25% stake in the Tonkolili iron ore project and the consideration will be paid in full... 

African Minerals secures $417m loan to take Tonkilili to first production

By: Loni Prinsloo Aim-listed African Minerals on Friday finalised a $417,7-million loan for the first phase of its Tonkolili project in Sierra Leone. The completion of phase one would take the project through to first production of 12-million tons a year of direct shipping ore as lump and sinter fine, by the end... 

Chinese group confirms additional equity contribution – African Minerals

By: Loni Prinsloo State-owned China Railway Materials Commercial Corporation (CRM) on Tuesday confirmed its intention to subscribe for almost seven-million new African Minerals shares. African Minerals, which is developing the Tonkolili iron-ore project in Sierra Leone, said that the Chinese group would exercise... 

African Minerals secures loan to advance to first production at Tonkolili

By: Loni Prinsloo Aim-listed African Minerals said on Wednesday that it had received commitments for a loan facility in excess of $370-million. Chairperson Frank Timis said that the commitments would position the company well to take advantage of the strong iron-ore pricing environment as it progressed towards... 

Shandong confirms intention to conclude $1,5bn deal – African Minerals

By: Chanel de Bruyn Aim-listed African Minerals on Friday reported that it received indications from Chinese steel group, the Shandong Iron & Steel Group, that it planned to conclude a $1,5-billion investment deal with the iron-ore development company. In July, the mining company signed a memorandum of... 

African Minerals announces board changes

Roger Liddell has been appointed as a nonexecutive director of African Minerals, while Christopher Duffy resigned from the board, the iron-ore company reported on Monday. Liddell is the CE of the London Clearing House, the world's largest clearing house, clearing numerous equity markets, futures... 

Exploration company to develop Marampa rail

Minerals exploration and development company African Minerals (AML), which has significant iron-ore interests in Sierra Leone, in West Africa, has entered into a binding term sheet with Australia-based exploration and development company Cape Lambert Resources to develop the Marampa rail and... 

African Minerals appoints Perry as CFO

Aim-listed African Minerals has appointed Miguel Perry, the former CFO of Eurasian Natural Resources Corporation (ENRC), as CFO and a director, it announced on Monday. Prior to joining ENRC, Perry was a partner at PricewaterhouseCoopers (PwC) in Geneva. Before moving to Switzerland, he spent... 

African Minerals and Shandong amend Tonkolili MoU

By: Chanel de Bruyn Aim-listed iron-ore and base-metals-miner African Minerals expects to receive the first $800-million in funding for its Tonkolili iron-ore project, in Sierra Leone, from the Shandong Iron & Steel Group by January 21. African Minerals had initially expected to receive the first tranche of funding... 

Sierra Leone grants Tonkolili iron-ore licence

By: Chanel de Bruyn Sierra Leone would benefit from $1,75-billion in direct foreign investment over the next two years, as Aim-listed African Minerals moves ahead with its Tonkolili iron-ore project. The iron-ore and base-metals miner on Friday announced that the government of the West African country had approved... 

African Minerals appoints CRM representative to board

By: Loni Prinsloo Aim-listed iron-ore and base-metals-miner African Minerals on Friday announced that it had appointed China Railway Materials Commercial Corporation (CRM) vice-president and senior economist Liu Guoping as a non-executive director. CRM, which is a large-scale Chinese State-owned railway services... 

Chinese to invest $1,5bn in West African iron-ore project

By: Loni Prinsloo Aim-listed iron-ore and base-metals-miner African Minerals said on Tuesday that it had entered into a $1,5-billion strategic investment understanding with Chinese steel company Shandong Iron & Steel Group (SISG) to fund its flagship iron-ore Tonkolili project in Sierra Leone. African Minerals... 

ASX loses Global Iron, International Petroleum trading ban appeal

By: Esmarie Swanepoel An appeal tribunal has overturned an ASX trading ban on two companies connected to Romanian entrepreneur Frank Timis. The ASX Appeal Tribunal said on Friday that an earlier ban was “infected by error” and that it should be set aside. In March, the ASX informed two companies chaired by Tony Sage... 

Tonkolili on schedule to start production in 2011 – African Minerals

By: Loni Prinsloo Exploration and development company African Minerals said on Thursday that its flagship Tonkolili project in Sierra Leone was on schedule to start production and shipping of eight-million tons a year of haematite from the first quarter of 2011. Chairperson Frank Timis said that African Minerals... 

African Minerals raises £80m for Sierra Leone iron-ore project 

By: Mariaan Webb London-listed African Minerals has raised £80-million in a cash placing, which it will use to fund the construction of key infrastructure at its Tonkolili iron-ore project in Sierra Leone. African Minerals said institutional investors would underwrite 20-million new shares at 400p a share and... 

Cape Lambert buys rest of Marampa project

By: Chanel de Bruyn ASX-listed Cape Lambert Resources would acquire the remaining 65% it did not already own in the Marampa iron-ore project, in Sierra Leone, in a A$31-million share deal with Aim-listed African Minerals. The Australian company already held a 35% stake in the project and had been granted an option... 

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