Wednesday, 01 Jun 2011
African Minerals Limited is considering the possibilities of partnering with China Communications Construction Company Limited to help the Sierra Leone government expand Bumbuna, the biggest hydro-electric venture in the country.
CCCC Group is the largest engineering and construction company in China and one of the largest marine engineering and port construction companies in the world including the largest dredging fleet in the world and number two in the world by revenue.
According to a regulatory news service announcement, “CCCC, AML and the government intend to establish a Joint Venture to design an expansion to the Bumbuna hydro-electric power generation facilities to satisfy the power needs of phases II and III of the Tonkolili project.”
The memorandum of understanding envisages that under the terms of such joint venture AML, or one or more of its subsidiaries, will provide a guaranteed power off-take agreement on terms to be agreed with the operator of the hydro-electric power facilities.
Mr Frank Timis chairman of African Minerals said that “We are delighted to have signed this agreement… which incorporates the potential development of major hydro-electric power generation facilities. It will provide substantial benefit to the Government and the People of Sierra Leone.”
AML is developing the wholly owned Tonkolili iron ore project in Sierra Leone, with a JORC compliant resource of 12.8 billion tonnes. The project, which currently has a 60+ year mine-life, is being developed in 3 phases. The Company is also developing significant port and rail infrastructure to support the development of the project, via African Rail and Port Services, in which the Government of Sierra Leone has a 10% interest. (sourced sierraexpressmedia)
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