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13 Aug 2014 16:11
13 August 2014
African Minerals Limited
("African Minerals", "AML", or "the Company")
Resolutions Passed at 2014 AGM
_______________________________________
At the Annual General Meeting of African Minerals Limited held at Five Stratton Street, London, W1J 8LA at 11am on 13 August 2014, the following ordinary resolutions were passed:
ORDINARY RESOLUTIONS
1. THAT the Directors' report, the financial statements and the auditor's report for the financial year ended 31 December 2013, as approved by the Directors, be received and adopted.
2. THAT the Directors' remuneration report for the year ended 31 December 2013 be approved.
3. THAT Ernst & Young LLP be reappointed as independent auditors to the Company, and that the Directors be authorised to set their remuneration.
4. THAT Roger Liddell, who retired by rotation in accordance with the Bye-laws, be re-elected as a Director of the Company.
5. THAT Nina Shapiro, who retired by rotation in accordance with the Bye-laws, be re-elected as a Director of the Company.
All resolutions were declared passed as ordinary resolutions of the Company, after being put to the vote of the meeting on a poll. The results of the voting were:
For | Against | |||||
Resolution No. | No. of shares | % of vote | % of issued shares | No. of shares | % of vote | % of issued shares |
1 | 237,757,722 | 99.95% | 71.63% | 121,247 | 0.05% | 0.04% |
2 | 161,704,260 | 68.16% | 48.72% | 75,546,708 | 31.84% | 22.76% |
3 | 237,895,708 | 100.00% | 71.67% | 11 | 0.00% | 0.00% |
4 | 164,221,449 | 69.24% | 49.48% | 72,941,810 | 30.76% | 21.98% |
5 | 206,122,951 | 86.81% | 62.10% | 31,312,308 | 13.19% | 9.43% |
Resolution 6 on the notice of meeting (re-election of Dermot Coughlan as a director) was withdrawn and not put to the meeting, as Dermot Coughlan has resigned from his position as a director, as announced by the Company on 16 July 2014.
Contacts:
African Minerals Limited
+44 20 3435 7600
Mike Jones
Tavistock Communications
+44 20 7920 3150
John West / Jos Simson / Nuala Gallagher
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 12.8 Bt. The multi-generational Project is being developed in a number of staged expansions. In 2013, African Minerals completed sales of 12.1 Mt to its customers. The current year sales guidance is for 16-18 Mt of exports as the operations focus on operating at the 20 Mtpa run rate design capacity.
Phase 2 expansion will see exports increase to 25 Mtpa, and will incorporate production of a high grade concentrate product. Concentrate production is expected to begin in 2015 and will eventually displace current DSO production as concentrate volumes increase and the DSO resource depletes over time.
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
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