African Minerals raises £80m to launch construction at Tonkolili project
21 January 2010
African Minerals, the mining group with significant iron ore and base metal interests in Sierra Leone, has raised £80 million in a share placing with institutional investors.
Proceeds from the fundraising will be used to start construction of key infrastructure for Phase 1 of the flagship Tonkolili iron ore project. In particular, it will include a 120km haul road to transport hematite iron ore from Tonkolili to a rail head at Lunsar. It will also allow the company to pre-order long-lead items for the refurbishment of Pepel Port and the railway to Lunsar, together with the requisite equipment, for a load-out capacity of 8 million tons of iron ore per year.
Frank Timis, the executive chairman of African Minerals, said: “This fund raising, together with the conditional CRM equity deal and two off-take agreements, places the company in a very strong position to realise iron ore production from Tonkolili during the first quarter of 2011.”
A total of 20 million new common shares in the company will be underwritten at a price of 400 pence per share.
As part of the placing, Africa Minerals has granted China Railways Materials Commercial Corporation (CRM) a 60-day option to subscribe in cash for up 14.4% of the placing. Earlier this month the two companies signed a provisional off-take agreement for the Tonkolili project.
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