African News

Company Profile: African Minerals of Sierra Leone

9 August 2013 at 22:51 | 3875 views

African Minerals Limited is a minerals exploration, development and mining company with significant interests in Sierra Leone. It is listed on the Alternative Investment Market (AIM) of the London Stock Exchange, and is now headquartered in London, United Kingdom.

The Company is currently focused on the development and mining of the world class iron ore deposit at Tonkolili and its related rail and port infrastructure. The project is the largest employer in Sierra Leone and is set to become the largest contributor to the country’s GDP.

African Minerals has been active in Sierra Leone since 1996. The Company refocused its initial search for alluvial diamonds after discovery of the Tonkolili iron ore deposit.

In February 2005 the Company was admitted to AIM, raising 20m. In 2008 the Company discovered the major Tonkolili magnetite resource, and carried out significant fundraisings for its development. Through 2010 and early 2011 it raised over $1.1Bn to fully fund its Phase I development of the project, which entered production in Q4 2011. African Minerals successfully achieved its Phase I target 20Mtpa export run rate during Q2 2013. The next stage of Project expansion, known as Pepel35, now contemplates the production of up to 35Mtpa of 64% high grade hematite concentrate and the expansion of the current port facilities at Pepel, expected to enter production in 2016.

African Minerals Board and Senior Management

Vasile (Frank) Timis, Executive Chairman.

Frank Timis has been the Executive Chairman of African Minerals Limited since 19 December 2006.

He was the founder and former Executive Chairman, President and Chief Executive Officer of European Goldfields Ltd., a company listed on the TSX Exchange and on AIM. He was also founder and former Executive Chairman of both Regal Petroleum Plc, which is listed on AIM and of Gabriel Resources Ltd., a company listed on the Toronto Stock Exchange.

Gibril Bangura, Executive Chairman, AML Sierra Leone.

Gibril Bangura has been Director of the Company since 30 January 1998 and Executive Chairman of Sierra Leone subsidiaries since 1996.

Gibril, a founding shareholder of African Minerals Ltd., is also a Non-executive Director of African Petroleum Corporation Ltd.

Keith Calder, Chief Executive Officer.

Keith Calder joined African Minerals as Chief Executive Officer on 4 July 2012 and was appointed to the Board on 3 August 2012. Keith held the position of CEO at Western Coal since December 2009, prior to its $3.4Bn takeover by Walter Energy in April 2011. Until December 2009 he was Managing Director of global copper projects at Rio Tinto, having spent 16 years at Rio Tinto in a number of senior executive and operational positions in emerging mining jurisdictions around the world.

Miguel Perry, Chief Financial Officer.

Miguel joined the Board on 18 October 2010. Miguel was the Chief Financial Officer and a member of the Board of Directors of Eurasian Natural Resources Corporation Plc ("ENRC"), a leading diversified metals and mining group and a member of the FTSE 100. During his time with ENRC Miguel managed a successful IPO, raising $3bn in December 2007 and obtaining a listing on the main board of the London Stock Exchange. He has significant experience of capital markets, M&A, Investor Relations and Risk Management. Prior to joining ENRC Miguel was a partner at PricewaterhouseCoopers ("PwC").