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AML rated fastest mine in Africa

AML rated fastest mine in Africa

A recent preliminary result has shown that the London listed iron ore miner, African Minerals (SL) Limited (AML) is “Africa’s fastest major mine development… and the largest iron ore exporter in West Africa”.

The company, with significant interest in Sierra Leone, saw its world class mine commence the ramp up to 20 million tonnes per annum (Mtpa) across its 200 kilometer rail and port infrastructure network, north of the country.

According to a statement released Thursday 3 April 2014 for the year ended 31 December 2013, “the company produced 13.1 million tonnes (Mt) of iron ore and exported 12.1 million tonnes to become the largest contributor to Sierra Leone’s gross domestic product (GDP)”.

“The first quarter for 2014 has started encouragingly, and the fully integrated mine, plant, rail, port, marine operation saw AML produce 5.3 Mt of saleable product while exporting 4.6 Mt in the quarter, and become the largest iron ore exporter in West Africa”.

Chief Executive Officer of African Minerals, Bernie Pryor, said: “2013 saw the completion of construction of Phase I at our Tonkolili iron ore mine in Sierra Leone. The integrated mine, plant, rail, port and marine operations achieved the 20Mtpa run rate on several occasions in the year with ongoing optimisation producing a record fourth quarter for both mining and shipments. I am pleased to report that this strong performance has continued into the current year, with new records of 5.3Mt produced and 4.6Mt shipped in the first quarter of 2014. This level of demonstrated continued improvement, quarter on quarter, provides the basis for our 16-18Mt sales guidance for 2014 and average C1 cash cost range of $34-36/t. The coming year will see a focus on meeting this guidance and driving C1 cash costs down towards the $30/t level once production stabilises at 20Mtpa. Tonkolili’s Phase II early engineering has been approved by the project Board. Construction is on track to commence in H2 with the objective of increasing annual production initially to the 25Mtpa rate, including production of a higher value concentrate product.”

African Minerals Limited is a mineral exploration, development and mining company, and is the developer and operator of the Tonkolili Iron Ore Project, with a Joint Ore Reserves Committee (JORC) compliant resource of 12.8 billion tonnes. The Project, which currently has over 60 year mine-life, is being developed in a number of staged expansions.

Tanu Jalloh, AML

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