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16 May 2012 17:33
16 May 2012
African Minerals
Director share dealing
African Minerals today received notice of the following purchases of common shares in the Company by Directors of the Company or their related parties:
Director or related party | No. of common shares acquired | Average price per share | Beneficial interest following this purchase:No. of common shares |
Timis Diamond Corporation (of which Frank Timis is a beneficiary) | 1,486,958 | 419.54p | 42,296,960 |
Bernard Pryor | 23,750 | 419.54p | 29,561 |
Nina Shapiro | 29,292 | 419.54p | 59,560 |
ENDS
Contacts:
African Minerals Limited
+44 20 3435 7600
Mike Jones
Aura Financial
+44 20 7321 0000
Michael Oke / Andy Mills
Deutsche Bank
+44 207 545 8000
Rupert Green
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 9,700 people in Sierra Leone, 82% 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 owned 65% by AML, 25% by SISG and 10% by GoSL.
www.african-minerals.com
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