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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
African Min. | LSE:AMI | London | Ordinary Share | BMG0114P1005 | COM SHS USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAMI
RNS Number : 8779W
African Minerals Ltd
12 November 2014
12 November 2014
African Minerals Limited
("African Minerals", "AML", or "the Company")
FINANCING UPDATE
African Minerals Limited, the developer, operator and 75% shareholder of the Tonkolili Iron Ore Project (the "Project") in Sierra Leone, today provides a financing update.
Further to the announcement made on 19 September 2014 relating to the release of funds from the Hong Kong bank accounts of the Project, the Company confirms that since then $182m has been released from those accounts and used to finance working capital, leaving a balance of $102m.
Discussions are continuing between the two shareholders in the Project, AML and Shandong Iron and Steel Group, over the timing of the release of $61m (previously approved by the Project Companies' Boards for release in October) and the final $41m, and there is no certainty on the timing of these releases.
In light of its ongoing operating losses and debt repayments, the Company is progressing negotiations for alternative funding to finance working capital until the Project becomes cash flow positive. The Company believes there are reasonable prospects that alternative funding can be achieved in the near future.
As announced in the interim results on 30 September 2014, the Company is evaluating other opportunities to strengthen the capital structure of the Company, both at AML and Project level. Standard Chartered Bank has been mandated by the Project Companies to structure a new facility, the proceeds of which will be applied to the refinancing of the pre-export finance facility as well as capital expenditure related to the Project's phase 2 transition. The Company, advised by Jefferies, is also engaged with the holders of the convertible bond with a view to reducing the debt servicing burden in the short to medium term. The Company is also considering a part disposal of its holding in the Project to strengthen the financial position of AML.
Contacts:
African Minerals Limited
+44 20 3435 7600
Matthew Hird / Francis O'Neill
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 12.8Bnt. The Project, which currently has a 60+ year mine-life, is being developed in a number of staged expansions. In 2013, African Minerals completed sales of 12.1Mt to its customers. The current year sales guidance is for 16-18Mt of exports as the operations focus on operating at the 20Mtpa run rate design capacity.
Phase II expansion contemplates the production of an expanded tonnage including the establishment of a high grade concentrate product with the project ramping up to 25Mtpa.
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
This information is provided by RNS
The company news service from the London Stock Exchange
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