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African Min. ShareCast News (AMI)
ShareCast News for African Min. (AMI)
| Share Price: 253.00 | Bid: 253.00 | Ask: 253.75 | Change: 0.00 (0.00%) |  | ||||||
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African Minerals raises $307m
Thu, 11th Nov 2010 12:50
Sierra Leone-focused miner African Minerals has raised $307m (£191m) from a placing at 425p a share to get its huge Tonkolili project into production.
Executive chairman Frank Timis said the fundraising had received a "tremendous response" from a broad range of institutional investors.
"We are now well placed to become a significant independent iron ore producer."
The company, one of the biggest on AIM, now has the cash to complete the remaining construction of Phase 1 of the project and take the company through to first production, expected in the final quarter of 2011
Phase 1 has been designed around a 10 million tonnes per annum (Mtpa) capacity, but bosses want to get this up to 12 Mtpa by the end of 2012.
A two-year, secured, high yield loan facility of up to $500m is also nearing completion.
Executive chairman Frank Timis said the fundraising had received a "tremendous response" from a broad range of institutional investors.
"We are now well placed to become a significant independent iron ore producer."
The company, one of the biggest on AIM, now has the cash to complete the remaining construction of Phase 1 of the project and take the company through to first production, expected in the final quarter of 2011
Phase 1 has been designed around a 10 million tonnes per annum (Mtpa) capacity, but bosses want to get this up to 12 Mtpa by the end of 2012.
A two-year, secured, high yield loan facility of up to $500m is also nearing completion.
Tuesday broker round-up UPDATE
Aberdeeen Asset Management: Morgan Stanley raises target price from 478p to 548p retaining an overweight rating. Bank of America ups target price from 455p to 475p and leaves its neutral rating unchanged. JP Morgan increases target price from 532p to 573p and maintains an overweight rating. Citigroup ups target price from 455p to 470p, while its neutral rating remains unchanged. UBS moves target price from 500p to 520p and retains a buy recommendation. Jefferies revises targe[30 Apr '13]
Monday broker round-up UPDATE
African Barrick Gold: Citigroup cuts target price from 267p to 175p and keeps its sell recommendation.[15 Apr '13]
Thursday broker round-up UPDATE
African Minerals: Deutsche Bank reduces target price from 594p to 586p keeping a buy recommendation. Investec cuts target price from 438p to 411p, while its buy recommendation remains unchanged.[11 Apr '13]
Wednesday broker round-up UPDATE
African Barrick Gold: Westhouse Securities upgrades from sell to neutral with a target price of 195p. Deutsche Bank reduces target price from 340p to 230p keeping its hold rating.[10 Apr '13]
African Minerals issues 75,000 news shares
African Minerals suffered a decline on Monday after the company announced the issue of 75,000 new common shares following the exercise of share options.[4 Mar '13]
Broker tips: Miners, Weir, Imperial Tobacco
Ahead of earnings season in the mining sector, Credit Suisse has labelled its top and worst picks among resource stocks.[8 Feb '13]
Broker snap: Credit Suisse labels Rio Tinto and ENRC as top picks in mining sector
Ahead of earnings season in the mining sector, Credit Suisse has labelled its top and worst picks among resource stocks.[8 Feb '13]
African Minerals secures financial deals to fund expansion plans
African Minerals on Tuesday said it secured two new financing deals with the Standard Bank of South Africa to fund expansion plans at its Tonkolili iron ore project in Sierra Leone.[5 Feb '13]
