RNS Number : 0921H
African Minerals Ltd
06 July 2012
6 July 2012
African Minerals Limited ("the Company")
Grant of Share Options
African Minerals Limited announces that it has granted options to Mr Keith Calder, Chief Executive Officer, over 1,500,000 common shares in the Company, at an exercise price of 313p.
Half of the options are subject to the achievement of share price growth targets. The options are divided into three equal instalments, and the first vesting date for each instalment is 3 July 2013, 2014 and 2015. The options must be exercised by 2 July 2017.
African Minerals Limited
+44 20 3435 7600
+44 20 7321 0000
Michael Oke/Harry Cameron
+44 207 545 8000
African Minerals, is developing its Tonkolili iron ore 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 3 phases. Phase I is expected to produce 20 million tonnes of iron ore per annum at full capacity.
Phase II now contemplates an expanded production facility at the mine to produce an additional 30Mtpa of 64% high grade hematite concentrate and the establishment of an expanded port facility at Tagrin Point.
African Minerals and its contractors currently employ approximately 9,700 people in Sierra Leone, 82% of who are Sierra Leonean nationals.
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 Tonkolili project companies are currently owned 75% by AML, and 25% by Shandong Iron and Steel Group ("SISG"), except for ARPS, which is owned 65% by AML, 25% by SISG and 10% by GoSL.
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