African Minerals - &SISG complete $1.500.000.000 investment
in Tonkolili, one of the largest Iron Ore Resources in the World
; F. Timis: "We are pleased to welcome SISG, one of
the world’s largest steel producers , as
a strategic investor in the Tonkolili project. The completion of
their detailed due diligence, prior to successful closing of this
transaction, validates the scale +scope of the project +secures the
funding which will enable us to accelerate the development of
PhaseII of our growth plans. This partnership confirms the
potential for Sierra Leone to become one of the world’s major iron
ore producing nations
thereby creating lasting benefits for its people", Zou
Zhongchen: "SISG is delighted to have completed this long term
partnership with AML which provides our steel mills with a
sustainable long term supply of iron ore for generations to come" -
Mar 30, 2012
+ Following receipt of all PRC approvals, SISG has now completed
its $1.500.000.000 acquisition of a 25% shareholding in the
Tonkolili project companies(“the Investment”) +funds have been
transferred to be received on Monday 2 April ´12.
+ SISG will also purchase iron ore under an off-take arrangement,
with an additional equity ore option +dividend ore option,
providing the Company +the project with a significant level of
guaranteed off-take for the Life of Mine -under which SISG will
purchase 2.000.000 t/anno of PhaseI production, increasing to
10.000.000 t/anno, with discounts ranging from 0% to 15%.
+ African Minerals will use the funds received to accelerate
development of Tonkolili’s PhaseII expansion.
+ Additionally, the existing $417.700.000 secured loan facility
will be repaid from the proceeds.
+ Mr Cui Jurong, Vice President of SISG, has been nominated to the
Board of Directors of AML. ...