African Minerals finalizes $417.7 million loan facility, appoints new COO

February 2011 15:16:15 (GMT+2)
On February 4, African Minerals Limited (AML), a Channel Islands-based iron ore miner with significant iron ore and base metal interests in Sierra Leone, West Africa, finalized a secured loan facility agreement, with final commitments amounting to $417.7 million. As SteelOrbis previously reported, on December 13 AML had declared the successful outcome of the marketing of its secured loan facility announced on November 11, 2010, with commitments received for in excess of $370 million to that date, adding that the company retained the option to receive further commitments until closing up to the maximum facility amount of $500 million.

The company believes that, following the closing of this facility, it will have sufficient funds in place to reach production under its Phase I development program worth $1.1 billion. As SteelOrbis previously reported, African Minerals announced on June 9 last year that an aggressive exploration program is underway to define additional hematite mineralization to underpin the expansion of the Tonkolili project to 25 million mt per year of direct shipping ore (DSO) output. The company said that it is currently on schedule to commence shipping of 12 million mt of DSO hematite product in Q4 2011.

Meanwhile, the miner also disclosed the appointment of Mr. John (Jack) Finlay MacKenzie Rowley as chief operating officer, effective immediately. Mr. Rowley, aged 51, was, between 2002 and 2008, founding shareholder and managing director of Calibre Global Pty Ltd, which specialized in EPCM delivery to the major participants in the iron ore industry, providing services covering all operations from pit to port, including Australian giant Rio Tinto and BHP Billiton.
(sourced:steelorbis)
Tags: iron ore , raw mat , Australia , Sierra Leone , Africa , Oceania , mining , investments