African Minerals Ltd
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.