adminBank Limited.
The United Kingdom-based firm confirmed the development last week.
“Further to our announcement of 21 November 2012, African Minerals is pleased to announce that it has completed and signed documentation with Standard Bank Limited for the provision of US$92 million of a new equipment finance credit facility,” it stated.
The Tinkolili project, which currently has a 60+ year mine-life, is being developed in three 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 percent high grade hematite concentrate and the establishment of an expanded port facility at Tagrin Point.
African Minerals and its contractors currently employ approximately 11 000 people in Sierra Leone, 83 percent of who are Sierra Leon 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 Limited in which the Government of Sierra Leone has a 10 percent free carried interest. — CAJ News.
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