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African Minerals Limited Annual Report 2010

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African Minerals Limited Annual Report 2010 www.african-minerals.com African Minerals Limited Limited Minerals African Mission African Minerals Limited To reward our shareholders by using our skills to identify, develop and operate a variety of African natural resource Annual Report 2010 assets whilst enriching the communities affected by our operations today and in the future. Annual ReportAnnual 2010 Vision Values To unlock and share the natural wealth We aim to ensure that our operations create of African countries and serve the a positive net benefit on the environment, increasing, long-term global demand local communities and the health and for commodities through: wellbeing of our workforce, and to embed • investment; the principles of sustainable development • open partnership with the people of in all of our business processes. these nations; • respect for their environments; and • the fair distribution of the value created. Who we are What we expect African Minerals Limited is a minerals 2011 is set to be a transformative year as exploration and development company with African Minerals continues to mature. After significant interests in Sierra Leone. It is its initial exploration phases, and the listed on the Alternative Investment Market of commencement of development in 2010, the London Stock Exchange, and is now 2011 is expected to see the Company headquartered in London, United Kingdom. become a significant iron ore producer, with the commissioning of its Phase I production What we do of 12Mtpa direct shipping ore expected to The Company is currently focused on the commence it’s ramp up in the fourth quarter development of the world class iron ore of this year. deposit at Tonkolili and its related rail and port infrastructure. The project is set to become the largest employer and the largest contributor to GDP in Sierra Leone. London Office Stratton House 5 Stratton Street CONTENTS London Business Review Corporate Governance Financial Statements 1 Progressing towards production 38 Board of Directors 45 Independent auditors’ report W1J 8LA 2 Executive Chairman’s statement 40 Directors’ report 46 Consolidated statement Tel: +44 (0)203 435 7600 4 Our market 42 Corporate governance of comprehensive income 8 Our key drivers statement 47 Consolidated statement of 20 Sierra Leone – a special 43 Directors’ remuneration report financial position Registered Office relationship 48 Consolidated statement of 22 Chief Executive’s Q&A cash flow Victoria Place 24 Tonkolili and our phased 49 Consolidated statement of 31 Victoria Street development approach changes in equity 28 Mining and processing project 50 Notes to the consolidated Hamilton HM10 plan and update financial statements Bermuda 30 Infrastructure, rail and port 75 Company overview project plan and update IBC Advisors 32 Corporate responsibility project plan and update 34 Principal risks and uncertainties 36 KPI reporting www.african-minerals.com African Minerals Limited Limited Minerals African Mission African Minerals Limited To reward our shareholders by using our skills to identify, develop and operate a variety of African natural resource Annual Report 2010 assets whilst enriching the communities affected by our operations today and in the future. Annual ReportAnnual 2010 Vision Values To unlock and share the natural wealth We aim to ensure that our operations create of African countries and serve the a positive net benefit on the environment, increasing, long-term global demand local communities and the health and for commodities through: wellbeing of our workforce, and to embed • investment; the principles of sustainable development • open partnership with the people of in all of our business processes. these nations; • respect for their environments; and • the fair distribution of the value created. Who we are What we expect African Minerals Limited is a minerals 2011 is set to be a transformative year as exploration and development company with African Minerals continues to mature. After significant interests in Sierra Leone. It is its initial exploration phases, and the listed on the Alternative Investment Market of commencement of development in 2010, the London Stock Exchange, and is now 2011 is expected to see the Company headquartered in London, United Kingdom. become a significant iron ore producer, with the commissioning of its Phase I production What we do of 12Mtpa direct shipping ore expected to The Company is currently focused on the commence it’s ramp up in the fourth quarter development of the world class iron ore of this year. deposit at Tonkolili and its related rail and port infrastructure. The project is set to become the largest employer and the largest contributor to GDP in Sierra Leone. London Office Stratton House 5 Stratton Street CONTENTS London Business Review Corporate Governance Financial Statements 1 Progressing towards production 38 Board of Directors 45 Independent auditors’ report W1J 8LA 2 Executive Chairman’s statement 40 Directors’ report 46 Consolidated statement Tel: +44 (0)203 435 7600 4 Our market 42 Corporate governance of comprehensive income 8 Our key drivers statement 47 Consolidated statement of 20 Sierra Leone – a special 43 Directors’ remuneration report financial position Registered Office relationship 48 Consolidated statement of 22 Chief Executive’s Q&A cash flow Victoria Place 24 Tonkolili and our phased 49 Consolidated statement of 31 Victoria Street development approach changes in equity 28 Mining and processing project 50 Notes to the consolidated Hamilton HM10 plan and update financial statements Bermuda 30 Infrastructure, rail and port 75 Company overview project plan and update IBC Advisors 32 Corporate responsibility project plan and update 34 Principal risks and uncertainties 36 KPI reporting Advisors Tonkolili Project map Rail construction camp Mine operation camp Mine construction camp Pit fly rock zone Bumbuna Pepel – Lunsar – Tonkolili rail, phase I Deviated Pepel rail, phase II Numbara Pit Tagrin – Lunsar rail, phase II AML Mine Marampon Hematite Pit lease area 0 5 10 15 20 kilometres process plant Raw water Simbili Pit dams Tailings storage facility cell 1 Farangbaia Forest Reserve Tailings storage Makeni facility cell 2 Port Loko Port Loko airstrip Lungi Airport Marampa Mine Magburaka Company Information Lunsar Port Company Secretary operation Pepel Marlies Smith camp M Q Services Ltd. Victoria Place, 31 Victoria Street, Port construction Hamilton HM 10 camp Bermuda Tagrin Point Registered Office Victoria Place, 31 Victoria Street, Rail stock yard Car dumper Saprolite process plant Hamilton HM 10 Ferry terminal Tagrin lease area Infrastructure lease boundary Tailings storage facility option 2 Magnetite process plant Project investigation area Bermuda Auditors Ernst & Young LLP 1 More London Place London SE1 2AF Post Reporting United Kingdom Period Significant Nominated Advisor and Joint Broker Canaccord Genuity Limited Events > Cardinal Place, 7th Floor 80 Victoria Street London SW1E 5JL 10.5Bnt $247m Mining 3 Phase $307m 12.8Bnt $417.7m United Kingdom Joint Broker Mirabaud Securities LLP lease 33 Grosvenor Place London mineral resource increase in invested by CRM for a 12.5% unanimous ratification of development strategy equity raised in JORC compliant Secured Loan Facility SW1X 7HY February 2010 shareholding in AML Tonkolili’s mining license by November 2010 resources completed United Kingdom the Sierra Leonean Parliament PR Advisor Aura Financial LLP February June August October November December January 2011 February 2011 The Economist Plaza 7th Floor 27 St James’s Street Tonkolili Magnetite JORC China Railway Materials Mining Lease granted by the Appointments of Miguel Perry Completion of $307m Updated mineral resource Renegotiation of Cape Completion of $417.7m London compliant mineral resource Commercial Corporation deal Government of Sierra Leone as Chief Financial Officer, equity raising and launch estimate takes total JORC Lambert Resources Secured Loan Facility. SW1A 1HA United Kingdom estimate increased to completed following approval with unanimous ratification and Roger Liddell as of secured loan facility. compliant resource to agreement over the Marampa 10.5Bnt with the completion from the Government of the by Sierra Leone Parliament. Non-Executive Director, 12.8Bnt, and delineates Iron Ore Project. UK Solicitors of 110,000m of drilling. People’s Republic of China, significantly strengthen for the first time 1.2Bnt of Cleary Gottlieb Steen & Hamilton LLP City Place House, 55 Basinghall Street raising equity of $247m for a Environmental Impact the Company’s Board. hematite resource, with Cape Lambert opts to receive London Pilot plant metallurgy 12.5% shareholding in AML. Assessment Licence awarded. 126.5Mt of direct shipping access rights of up to 5Mtpa, EC2V 5EH indicates potential for Three Phase Strategy ore, the basis of the current including 2Mpta during our United Kingdom production of a 70% Fe Appointment of Dermot announced for the Phase I production strategy. Phase I. Canadian Solicitors magnetite concentrate, Coughlan as Non-Executive development of the hematite, Blake Cassels and Graydon LLP at a mass recovery of Director. saprolite and magnetite ore First production blast 199 Bay Street 26.5%, containing low bodies at Tonkolili. at Simbili. Suite 2800, Commerce Court West Toronto ON M5L 1A9 levels of impurities. Canada Commissioning of Phase Ia $130m underwritten dry process plant completed, Registrars Computershare Trust Company of Canada cash placing of 20m direct shipping ore production 600, 530 – 8th
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