AMI.L Regulatory News (AMI)

14th August 2013

African Minerals Limited

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

Appointment of new Chief Financial Officer

Following a discussion with the Board earlier this year, where Chief Financial Officer ("CFO") Miguel Perry had indicated his desire to retire from the role of CFO and as Executive Director for personal reasons subject to an appropriate replacement being identified, AML is pleased to announce the appointment of Matthew Hird, replacing Miguel Perry as CFO, effective from October 1st this year.

Miguel has been CFO of the Company since October 2010. During this period he has successfully funded the first phase of our development through equity, debt and bond financings; has focussed on enhancing corporate governance; and has been responsible for the management of the relationship with our Chinese partners, Shandong Iron and Steel Group and China Railway Materials Commercial Corporation.

The Board is very grateful for the financial, strategic and governance guidance that Miguel has been able to bring to the Company.

Matthew was previously CFO of Kazakhmys PLC, a London main board listed natural resources group with assets predominantly located in Kazakhstan. Matthew joined Kazakhmys in 2005 and successfully managed the financial leadership of the company's IPO to achieve a premium listing on the London Stock Exchange in October of that year. Matthew created a multi-location finance function to meet the reporting requirements of the international capital markets and led the structuring of the long term debt facilities that have been put in place for the development of Kazakhmys' major growth projects.

Prior to joining Kazakhmys, Matthew worked for Vedanta Resources plc between 2003 and 2005 as Company Secretary and Group Reporting Manager, and previously he worked for 9 years within Deloitte's global mining team.

Matthew holds an MA in Natural Sciences (Geological Sciences) from the University of Cambridge, and qualified as a Chartered Accountant with Deloitte in 1997.

Miguel will remain available after his resignation to facilitate handing over to Matthew.

Executive Chairman, Frank Timis, commented:

"I have enjoyed a very strong relationship with Miguel who has been an excellent strategic advisor to me and the entire Board. He has helped guide the Company from an unfunded explorer to an earnings generative producer and exporter in less than three years. While we are sorry to see Miguel leave the Company, I look forward to his continuing counsel in the years to come.

I am very pleased to welcome Matthew to the Company. Matthew's background, experience and success give him the requisite skills needed to ensure continued fiscal stability for the Company."

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

Paul Nicholls / 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 now contemplates the production of up to 35Mtpa of 64% high grade hematite concentrate and the expansion of the current port facilities at Pepel, 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