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African Minerals Ltd (AMI)

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Tuesday 03 March, 2015

African Minerals Ltd

Enforcement of security by PXF Facility Lenders

RNS Number : 3981G
African Minerals Ltd
03 March 2015
 



3 March 2015

African Minerals Limited

("African Minerals", "AML", or "the Company")

Enforcement of security by PXF Facility Lenders

African Minerals Limited has been notified of various actions taken by Shandong Steel Hong Kong Zengli Limited (the "Lender"), the Lender under its $250m pre-export finance facility which is currently in default (the "PXF Facility") to protect its interests by enforcing the security that it holds over AML's shares in Tonkolili Iron Ore Ltd and African Railway & Port Services Ltd (the "Holding Companies"), which own AML's 75% shareholding in the Tonkolili operating companies.

The Lender has taken control of the Holding Companies by appointing new directors who have a voting majority, and has taken steps to take control of AML's 75% shareholding in the operating companies by appointing replacement directors to those companies. The Lender's sister company, Shandong Steel Hong Kong Resources Limited (both ultimately owned by Shandong Iron and Steel Group), owns the 25% in the operating companies not held by AML.

The Company is seeking legal advice on the effectiveness of these actions, and on the responsibilities of the Lender concerning AML and its creditors and shareholders in enforcing its security.

Contacts:

African Minerals Limited

+44 20 3435 7600

Matthew Hird / Francis O'Neill

Tavistock

+44 20 7920 3150

Jos Simson / Nuala Gallagher / Mike Bartlett

Jefferies

+44 20 7029 8000

Nick Adams / Alex Collins

About African Minerals

African Minerals operates the Tonkolili Iron Ore Project (the "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 a number of staged expansions.

www.african-minerals.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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