Pre-2015 Press Release Archive

Press and News Archive for Anglo-African Minerals plc and their bauxite activities in Guinea, West Africa

Anglo-African Minerals plc                   Completion of Scoping Study for FAR Project, Guinea, West Africa

London 15th December 2014

 

GXG Markets: AAM:G4

(www.gxgmarkets.co.uk)

ISIN:IE00B66ML191

WKN: A0N9YH

 

Completion of Scoping Study for FAR Bauxite Project, Guinea, West Africa

Inferred Mineral Resource of 43 million tonnes

Positive NPV of US$ 163 million

 

Anglo-African Minerals Plc (“AAM”, GXG:AAM:G4), the GXG quoted mineral exploration company focused on bauxite in West Africa is pleased to announce that its wholly owned subsidiary, Forward Africa Resources S.A. (“FAR SA” or the “Company”), has received positive results from its recently completed Scoping Study on its FAR Bauxite Project (“Project”), located in Guinea, West Africa.

 

Highlights for the Base Case:

  • Development of a 3Mtpa bauxite export operation with a planned product specification of 41.9% Al2O3, 3.4% SiO2, and a planned moisture content of 11%;
  • Internationally compliant Inferred Mineral Resource, with opportunity to expand the current resource of 43Mt to extend mine life;
  • Preliminary results from current exploration infill drilling campaign due in early 2015;
  • Shallow open-cut mine, utilising conventional drill and blast, truck and shovel operations, with 15 years of mine production;
  • Utilisation of existing third-party operated rail and port infrastructure.
  • LOM free cash flow of USD294 million;
  • Free on Board (FOB) estimated average selling price of USD33.25/t bauxite;
  • Positive cash flow within 12 months of commission; and
  • Positive Net Present Value (“NPV”)of USD163 million.

 

James Lumley, the Company’s Chief Executive Officer commented:

 

“The Scoping Study of the FAR Bauxite Project base case indicates a positive NPV which is a multiple of the Company’s market capitalisation. The Board considers that this can be elevated through additional drilling to increase the existing 43 million tonne resource base and potential life of the mine. The Board have elected to prioritise the development of the FAR Bauxite Project through the establishment and commencement of more detailed fast-tracked technical studies focused on the material aspects of the project. I look forward to updating shareholders over the forthcoming months as we continue the development of our priority FAR Bauxite Project.”

 

Highlights of the Scoping Study (“the Study”) results indicate potential for an economically viable project, generating cash flow at current bauxite prices and for a relatively low capital outlay through the use of contractors, subject to completion of a formal feasibility study.

 

Scoping Study Summary:

Following the announcement of its Maiden Mineral Resource in October 2014, AAM engaged SRK Consulting (UK) Limited (“SRK”) to undertake a Scoping Study on its FAR Bauxite Project, located in Guinea. The objective of the Study was to define preliminary project economics in order to allow the Company to prioritise the next stages of the Project’s development.

 

The Study commenced in October 2014, and various high-level engineering studies were undertaken, including; Exploration, Geology and Resources, Geotechnical Engineering, Mining and Production, Plant and Processing, Infrastructure and logistics (including Port studies), Environmental and Social and Economic assessment.

 

The Mineral Resource Estimate (“MRE”) used for the Study totals an Inferred Mineral Resource of 43 Million tonnes grading at an average of 41.9% Al2O3 and 3.4% SiO2. The maiden Mineral Resource statement, announced during October 2014, was also prepared independently by SRK Consulting (UK) Ltd (“SRK”) in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves, The JORC Code, 2012 Edition (“JORC” or the “JORC Code”).

 

Throughout the Scoping Study, SRK has considered any immediate capacity constraints, processing elements, and logistical options that are available to the Project. Of the multiple potential scenarios considered, the most viable solution has been economically assessed by means of a discounted cash flow analysis.

 

The base case logistical solution in the Scoping Study is described as “transportation of raw bauxite via Road and Rail to Conakry Port, involving: Truck/Shovel operation at 3 Mtpa bauxite, (via contract mining), crushing at the mine (via contract services), trucking and rail from bulkout (via Contract services), rail to port at Conakry (via contract rail), bauxite loading at either the existing SBK-operated port facility or a new dry stockyard bulk-out (all third party contracted services are assumed), and for bauxite export only. The Base Case focused on mining 5 resource plateaux with an average bauxite thickness of 5 metres (<0.5m of overburden) over an initial 15 year life of mine (“LoM”) has been proposed.

 

Following completion of the Scoping Study, the Directors have decided to progress the development of this Project and to embark on a further drilling programme in an effort to upgrade the existing resource to a higher confidence Indicated Mineral Resource category, with a view to moving forward with a Feasibility Study commencing early 2015.

 

SCOPING STUDY BACKGROUND              

At this stage the Study is based on the exploitation of the FAR bauxite open pit only via a contract mining operation with an expected life of mine of 15 years and a processing capacity of 3.0 million tonnes per annum (“Mtpa”) through conventional crush and dry screen process plant. Average production is expected to be 3.0 Mtpa bauxite product output over the 13 years of maximum production as part of a 15 year LOM, at an average 41.9% Al2O3 and 3.4% SiO2 grade.

 

The base case involves a simplistic model of a non-dried end product (at 11% Moisture content) with mining being conducted from the same deposit areas. Although the Scoping Study scenario is preliminary in nature and includes Inferred Mineral Resources, encouraging economic outputs from this study support AAM’s decision to progress the development of the FAR Bauxite Project to the next level of development and technical investigation.

 

MINING
The anticipated mining schedule comprises a relatively shallow open-cut operation, focused initially on the five higher-grade plateau zones within the FAR deposit area. Sufficient bauxite resources have been identified within the FAR Permit, and SRK suggests that the entirety of this Resource should provide an effective plant feed of approximately 14 years at full production. It is envisaged that both the haulage distance and surface conditions are within the capabilities of articulated mining trucks which are planned to be contracted services at this stage. SRK believes that the shallow nature of the open pit operation represents exceptionally low technical risk.


PROCESSING
The Scoping Study anticipates a straight-forward single crushing ore circuit together with a simple screening circuit. It is envisaged that the plant and processing activities will be completed by contracted services. At this stage, the base case does not include any drying, something which requires further investigation, however it is noted that drying is not undertaken by the adjacent UC Rusal operations at the nearby Kindia Project (owned and operated by CBK).

 

In terms of processing, the economic results are based upon a 15 year conceptual LOM (14 years mining plus 1 year construction and ramp-up) and a processing operation of 3.0 Mtpa of raw bauxite rock.

 

INFRASTRUCTURE AND LOGISTICS

The upfront capital cost under the base case scenario is USD22.4 million and assumes contractor mining, contractor processing and haulage to port and contractor port facilities to load vessels.

 

PRICING
AAM notes that the Scoping Study has assumed a relatively conservative average price of USD33.25 per tonne for the sale of a wet (11% moisture content) bauxite product for export. To incorporate price variations between the selling prices of a moisture laden product, AAM has applied a 5% discount to the average selling price which is equal to 1% discount for each 1% moisture content (mc) above SRK’s export benchmark price. This equates to USD33.25% per tonne of wet bauxite sold, in comparison to USD35.00 per tonne for a dried (~6% mc) export product.

 

The Scoping Study assumes this selling price will remain constant over the LOM and at this stage does not take into account any potential price escalation as demand grows.

 

KEY OUTCOMES
The salient outcomes from the FAR Scoping Study report are outlined and summarised below:
 

SRK (Base Case) Wet Bauxite End Product for Export

  • Estimated initial capital cost USD22.4 million which includes contingencies but however excludes a number of capital items which are assumed to be covered by contractors;
  • LOM free cash flow of USD294 million;
  • Positive NPV of USD163 million
  • Free on Board cost (FOB) estimated average sale price of USD33.25/t Bx (11% mc);
  • Positive cash flow within 12 months of commission; and
  • Payback period within approximately 12 months of commission.

 

Discussions are on-going with our existing funders and other interested parties with respect to funding or joint venture options for the FAR Bauxite Project.

 

FAR Project Background

 

There are several Mineral Assets under control of the Company, all of which are listed below. Figure 1, shows the location of four AAM exploration license boundaries and their locations within Guinea. The FAR deposit is located within a 338 km2 exploration licence 100% owned by FAR SA, approximately 170 km North-east of Conakry, which is the Capital of Guinea (Figure 2).

Figure 1: FAR SA Mineral Asset Locations in Guinea
Figure 2: FAR SA Permit Boundary and Location

From 2011 to 2014, the Company have drilled some 68 auger holes (635 m) at FAR, of which 28 were drilled in 2011 and 40 in 2014, roughly on a 600 x 600 m spacing, all completed under the supervision of a FAR employed resident geologist.

 

The FAR Project comprises a number of bauxitised plateaux, formed as a result of tropical weathering of Mesozoic dolerite sills.  The bauxites are stratiform in nature, lying in irregularly shaped horizontal horizons/lenses with the bauxite material comprising of highly weathered material.  The lateral extents of the bauxite are controlled by the relief of the hills/plateaux on which they are located.  Some 5 separate Plateaux have been delineated, ranging in size from 1-4 Km in strike length, up to 0.5 km across strike, and average around 5 m thick bauxite, with typically 0.5 m of overburden.

 

Exploration

The Company is currently undertaking an infill drilling programme for the FAR permit, which has been reviewed by SRK. It comprises 98 auger exploration and infill drillholes (in addition to 6 twin auger verification drill holes) across 3 key plateaux in the licence area (including MOMO), and 6 diamond core verification drill holes in the Samaya, and Elevation areas of the FAR exploration licence area.

 

The main intention of the drilling programme is to better define the extent of bauxite mineralisation and to increase the confidence in the current Mineral Resource estimate.

 

Primary auger drilling has been planned to infill the previous drilling and extend the knowledge in the Samaya, Elevation and Momo areas, all of which are within the existing permit boundary. The drilling is planned at a 300 x 300 m grid, which should be sufficient spacing for Indicated Mineral Resources to be delineated, if the geological continuity exists and the data are representative.

 

Mineral Resources

The maiden Mineral Resource statement for the FAR bauxite projects is presented in the following table:

Mineral Resource Statement* for the Far Bauxite Project, Guinea,

as of 2nd October 2014

 

Resource Category

Density (t/m3)

Dry Tonnes (Mt)

Al2O3 (%)

SiO2 (%)

Measured

-

-

-

-

Indicated

-

-

-

-

Inferred

2.00

43.0

41.9

3.4

Total

2.00

43.0

41.9

3.4

*Reported at a cut-off grade of Al2O3>34% and SiO2<6%, stripping ratio of 1:1 (m:m), minimum bauxite thickness of 2 m and maximum overburden thickness of 2 m. Mineral Resources are not Ore Reserves and do not have demonstrated economic viability.

 

Cautionary Statement concerning Scoping Study Results including Inferred Mineral Resources ANGLO-AFRICAN MINERALS PLC (GXG:AAM:G4), advises the Scoping Study results and production targets reflected in this announcement are preliminary in nature as conclusions are drawn from Inferred Mineral Resources. The Scoping Study is based on lower level technical and economic assessments and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

 

Contact details:

 

Mr James Lumley

Chief Executive Officer

jlumley@aamplc.com

 

Kelsey Traynor

Yellow Jersey PR

+447799003220

 

Notes to Editors:

 

Anglo African Minerals is a mineral exploration Company focused on West Africa. The Company’s main objective is to explore and advance its bauxite projects located in the Republic of Guinea. The Company owns the rights to 4 bauxite licences with a potential resource of up to 3 billion tonnes. Its focus is on near term production by 2016, whilst developing its other assets.

 

Anglo-African Minerals plc                   Appointment of a Chief Financial Officer

PR Newswire

GXG Markets: AAM:G4 ( www.gxgmarkets.co.uk )

ISIN:IE00B66ML191

WKN: A0N9YH

 

London 13th November 2014.

 

ANGLO-AFRICAN MINERALS PLC (“AAM” or the “Company” )

 

Appointment of a Chief Financial Officer

 

Anglo-African Minerals plc ( GXG:AAM:G4 ), the GXG quoted mineral exploration company focused on West Africa, is pleased to announce the appointment of Martyn Knight as Chief Financial Officer (“CFO”) with immediate effect.

 

Martyn qualified as a Chartered Accountant in 1987 and has worked in corporate reorganisation services at Deloitte. For the past 18 years Martyn has been commercial financial director or officer for several SME’s, including financial reporting roles to three venture capital investors as financial director.

 

James Lumley, CEO of AAM, commented:

 

“ We are delighted that Martyn has accepted the role of CFO. Since joining AAM in April 2014, Martyn has been instrumental in driving all aspects of the finance function. His financial background and significant experience will be invaluable as the company enters its most active operational phase ever.”

 

 

Contact details:

 

Mr James Lumley

Chief Executive Officer

jlumley@aamplc.com

 

Kelsey Traynor/Dominic Barretto

Yellow Jersey PR

+447799003220

 

Notes to Editors:

 

Anglo African Minerals is a mineral exploration Company focused on West Africa. The Company’s main objective is to explore and advance its bauxite projects located in the Republic of Guinea. The Company owns the rights to 4 bauxite licences with a potential resource of up to 3 billion tonnes. Its focus is on near term production by 2016, whilst developing its other assets. 

Anglo-African Minerals plc                   Maiden Inferred Resource Estimate

PR Newswire

GXG Markets: AAM:G4 (www.gxgmarkets.co.uk )

ISIN:IE00B66ML191

WKN: A0N9YH

 

London, 7th October 2014

ANGLO-AFRICAN MINERALS PLC ANNOUNCES MAIDEN MINERAL RESOURCE STATEMENT OF 43 MILLION INFERRED TONNES FOR THE FAR BAUXITE DEPOSIT, GUINEA

 

HIGHLIGHTS:

 

  • Inferred Mineral Resource of 43.0 Million Tonnes, averaging 41.9%
  • total alumina and 3.4% total silica, within two main deposit plateaux, Samaya and Elevation.
  • Estimates based on assay results from 68 auger drill holes that were completed during 2011 and 2014 exploration campaigns.
  • Favourably located near to existing mining and rail infrastructure of CBK.
  • Ongoing Scoping Study to be completed in Q4 2014.
  • Other priority targets in the FAR Project area have been identified and additional exploration drilling is planned for the 4th Quarter of 2014.

 

Forward Africa Resources S.A. ("FAR SA" or the "Company"), a wholly owned subsidiary of Anglo-African Minerals Plc ("AAM", GXG:AAM:G4), is pleased to announce its maiden Mineral Resource statement for its FAR Bauxite deposit (also referred to as the "FAR" or the "Project"), located in Guinea, West Africa. The Project is located within a 338km2 exploration licence 100% owned by FAR SA, approximately 170 km North-east of Conakry, the capital of Guinea
in the Dubreka/Kindia prefecture and adjacent to the CBK mining operations.

 

From 2011 to 2014, the Company have drilled some 68 auger holes
(635 m) at FAR, of which 28 were drilled in 2011 and 40 in 2014, roughly on a 600 x 600 m spacing, all completed under the supervision of a FAR employed resident geologist. Although the data has been accompanied with limited Quality Assurance and Quality Control ("QA/QC") procedures and that an independent site visit by SRK has not been possible, raw data transcripts have been reviewed where available, the bauxite is similar in terms of quality to that found in adjacent bauxite deposits and operations, and therefore the data
quality is considered to be adequate. SRK has no reason to doubt the integrity of the data collected by the Company and its consultants and used in the estimate.

 

The FAR Project comprises a number of bauxitised plateaux, formed
as a result of tropical weathering of Mesozoic dolerite sills. The bauxites are stratiform in nature, lying in irregularly shaped horizontal
horizons/lenses with the bauxite material comprising of highly weathered material. The lateral extents of the bauxite are controlled by the relief of the hills/plateaux on which they are located. Some 5 separate plateaux have been delineated at Samaya and Elevation, ranging in size from 1-4 Km in strike length, up to 0.5 km across strike, and average around 5 m thick, with typically 0.5 m of overburden.

 

The FAR Project, comprising the Samaya and Elevation plateaux, is
estimated to contain an Inferred Mineral Resource of 43 Million tonnes grading at an average of 41.9% Al2O3 and 3.4% SiO2, reported at appropriate cut-off grade criteria. The maiden Mineral Resource statement has been prepared independently by SRK Consulting (UK) Ltd ("SRK") in accordance with the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves, The JORC Code, 2012 Edition ("JORC" or the "JORC Code").

 

The maiden Mineral Resource statement for the FAR bauxite projects
is presented in the following table: Mineral Resource Statement* for the Far Bauxite Project, Guinea, as of 2nd October 2014.

The Mineral Resource data collection and estimation process was a

collaborative effort between SRK and Coralis who worked as the geological consultants for FAR SA, with FAR SA and Coralis responsible for supervising the data collection, collation and analysis, and SRK building the geological models and tonnage and grade estimates. The Mineral Resource estimate was completed under the overall supervision of Mr Mark Campodonic, AusIMM (CP #
225925) a full-time employee of SRK Consulting (UK) Ltd.

 

A site visit to the property was not possible for Mr Campodonic, who only became involved in the project in September 2014, due to the recent Ebola outbreak in Guinea. The AAM geologist, who has multiple years of experience in Guinean bauxite geology and exploration, supervised both the 2011 and 2014 drilling, however does not qualify as a Competent Person in accordance with JORC. In addition, a Coralis geologist managed and oversaw the exploration programme. Notwithstanding the above, and given the extensive knowledge of
Guinean bauxite and adjacent deposits, the Competent Person believes the data quality is sufficient for inclusion in an Inferred Mineral Resource estimate. By virtue of his education, work experience that is relevant to the style of mineralization and deposit type under consideration and to the activity undertaken, and membership to a recognized professional organization, Mr Campodonic, is a Competent Person pursuant to JORC and is wholly independent from FAR SA. Mr Campodonic has verified the technical data contained in this news release and have reviewed and approved the contents of this news release with respect to the Mineral Resource estimation.

 

METHODOLOGY:

The database available for the geology and Mineral Resource modelling comprises auger drilling information acquired by FAR SA in 2011 and 2014. The borehole database comprises 68 auger boreholes (635 metres) distributed on rough 600 m spacing.

 

The exploration work carried out by FAR SA was conducted in a manner not entirely consistent with industry best practices, generally due to the limited QA/QC procedures in place during exploration, however SRK consider the exploration data and the drilling database to be sufficiently reliable for the purpose of supporting Mineral Resource evaluation and disclosure pursuant to the lowest confidence category of Inferred in accordance with JORC.

 

Based on the physiography/topographic relief of the bauxitised areas and auger drilling information, SRK has delineated the edges of the plateaux used to limit the bauxite and code the sample data. Within the bauxite limits, the vertical limits of the bauxite (hanging-wall and footwall) have been defined using a cut-off grade of 34% Al2O3 and <6% SiO2. Areas have been reported from the bauxite plateaux interpretations which have been used to code the sample data (composited per hole), which have then been averaged in the case of
bauxite thickness and thickness weighted in the case of Al2O3 and SiO2. The areas, and the bauxite thickness averages have been used to calculate volumes, which have in turn been multiplied by the density to estimate tonnages, all on a plateau by plateau basis. This simplistic methodology is applicable when data is sparse and very limited, and although the data is not fully gridded/spatially dispersed across the plateaux, is considered appropriate at the current time and degree of confidence. When more data becomes available 3D estimation methodologies should be employed. SRK considers that the bauxite mineralisation delineated by auger drilling at the FAR Project to be amenable to open pit extraction, and can potentially be exported using existing infrastructure to the market.

 

SRK has classified the Mineral Resource on the basis of the Geological continuity, grade continuity, data quantity, data quality, estimation confidence, and considers that at the current time an Inferred Mineral Resource can be reported. Further confirmatory drilling accompanied with appropriate QA/QC, as well as closer spaced drilling will be required in the future in order to estimate and report higher confidence estimates in the Indicated and Measured categories.

SRK has constrained the in-situ model by a stripping ratio of 1:1 (meters), a minimum bauxite thickness of 2 m and a maximum overburden thickness of 2 m to satisfy the criteria of reasonable prospects for eventual economic extraction, as required by JORC. These parameters are guided by SRKÕs experience of a number of Guinea Bauxite projects and operations.

 

The Mineral Resource was estimated in conformity with generally accepted best practice guidelines, given the limited data available. The Mineral Resources are reported in accordance with JORC and have been classified in accordance with the "Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves, The JORC Code, 2012 Edition". The Mineral
Resources are not Ore Reserves and do not have demonstrated economic viability. The Mineral Resources discussed herein may be affected by subsequent assessments of mining, environmental, processing, infrastructure, permitting, taxation, socio-economic, political and other factors. There is insufficient information available to assess the extent of which the Mineral Resources may be affected by these factors.

 

EXPLORATION POTENTIAL:

The geology and major controls on the bauxite appear to be understood, however further analysis is required to investigate and refine the limits of the bauxite prior to undertaking any further drilling.

 

The Company is currently planning a focused drill campaign for Q4-2014. Further exploration may result in additional bauxite being delineated along the plateaux boundaries.

 

In parallel with the ongoing Scoping Study for the project, more detailed geological works including mapping, and drilling at 300 x 300m spacing will form part of the upcoming Q4-2014 assessments. Supported by appropriate QA/QC and density measurements, as well as the more dense drill spacing, the additional work should provide increasing level of confidence with regards to the Geology and Mineral Resource estimates.

 

COMPETENT PERSON:

The Project and Mineral Resource Statement was completed under the overall supervision of Mr. Mark Campodonic, AusIMM (CP # 225925) a full-time employee of SRK Consulting (UK) Ltd, who is an independent consultant with no relationship to the Company.

 

COMMENTS:

James Lumley, AAM CEO comments: "The FAR Project's Independent maiden Inferred Mineral Resource Estimate is an important milestone for the Company, which gives the Board, partners and shareholders confirmation of FAR's potential.

 

In addition, we are further encouraged by the fact that the planned
2014 drilling campaign and desktop work completed to date, has identified the potential for additional Mineral Resource to be realised. We are committed to drill test these areas and further develop the FAR project with a view to fast tracking the Project through to an early development option. In parallel with this exploration, a multi-disciplinary Scoping Study for FAR has commenced, with focus on infrastructure and projects economics in order to assess the full potential of the project, with the aim of this being completed in Q4
2014."

 

FOR FURTHER INFORMATION:

Anglo-African Minerals Plc:

Mr James Lumley

Chief Executive Officer

Cashel, Co. Tipperary, Republic of Ireland

 

Public/Investor Relations:

Kelsey Traynor

Yellow Jersey PR

+447799 003 220

 

ABOUT THE COMPANY:

Anglo-African Minerals Plc is an Irish registered Company dedicated
exploration and development company with major holdings of bauxite assets. The company holds several major licences in Guinea, West Africa via its subsidiary companies. Guinea is by far the largest producer of bauxite and alumina in Africa and the Company is making great strides to becoming a reputable bauxite producer in the medium term.

 

AAM owns the rights to four bauxite licences in Guinea, and is
focused on developing its assets to provide near, medium and long term production, with an immediate target of producing 2 million tonnes per year by 2016. The Company's four Mineral Assets comprising the following exploration licences:

 

  • FAR Permit (No.223);
  • Toubal Permit (No.163);
  • Somalu Permit (No.216/formerly No.145); and
  • Mintep Permit (No.211/formerly No.151).

 

The assets are at various stages of exploration and development, some having expansive exploration databases and a number of them also having tonnage and grade estimates.

 

The Company continues to develop the technical and economic studies for all four exploration licences, which have potential in terms of both bauxite and vertically integrated bauxite mining and refining to produce alumina products.

 

The Company's objective is to enhance Company value through the development of bauxite projects in Guinea, West Africa and to become a major Guinean bauxite and alumina producer. AAM's website is: www.aamplc.com

 

FORWARD LOOKING INFORMATION:

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the first Mineral Resource statement for the Company's FAR Project located in Guinea, West Africa and the Company's objective to enhance shareholder value through the development of bauxite and alumina projects in Guinea and to become a major Guinean bauxite and alumina producer. The forward-looking information is based on certain assumptions, which could change materially in the future and that the development of the Company's bauxite projects will enhance shareholder value and be sufficient
for it to become a major Guinean bauxite and alumina producer. Such statements and information reflect the current view of the Company with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include the risk that
Mineral Resource statement for its FAR project may be uneconomic to bring into production. The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.


The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

Anglo-African Minerals plc                    Half Yearly Report

PR Newswire

GXG Markets: AAM:G4 (www.gxgmarkets.co.uk )

ISIN:IE00B66ML191

WKN: A0N9YH

 

London, 19th September 2014

 

ANGLO-AFRICAN MINERALS PLC

Half-yearly Report

 

London, September 19

ANGLO-AFRICAN MINERALS PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2014

 

London, 19th September 2014; ANGLO-AFRICAN MINERALS PLC (GXG Markets: AAM:G4)("AAM" or the "Company"), the GXG quoted mineral exploration company focused on West Africa, is pleased to announce its interim unaudited financial statements for the six months ended 30 June 2014.

 

Operational Highlights

 

  * Completion of the two subsidiary acquisitions, Mintep and Somalu, in January 2014 to ensure the Company has control over 4 bauxite licences in the Republic of Guinea.

 

  * Completion of the FAR licence's drilling programme in May 2014 leading to the planned inferred mineral resource estimate in line with the JORC Code of Practice 2012 due for release later in the year.

 

  * Completion of the Toubal licence's sample analysis leading to the planned inferred mineral resource estimate in line with the JORC Code of Practice 2012 due for release later in the year.

 

  * Discussions are continuing with institutions, brokers and individual investors to raise additional finance to fund resource reports, exploratory drilling and mining licence applications in Guinea.

Financial Highlights.

 

  * Net assets increased by just over €2.4 million.

 

  * Consolidated loss after taxation was €428,442

 

  * €125,000 funding provided by Latitude Investments Limited in 2010 was converted into equity in February 2014.

 

  * £750,000 funding provided by Michael Smith, a former director of the Company, in 2013 was converted into equity in January 2014.

 

  * £4.2 million convertible loan facility was secured from Luxside Trading Limited in February 2014, with the potential to increase the facility to £10 million if required, to fund the continued development of the Bauxite projects in 2014 including resource statements with €2.7 million advanced to date.

 

For further information on this announcement or general information on the Company please contact:

James Lumley: jlumley@aamplc.com

www.aamplc.com

 

Kelsey Traynor
Yellow Jersey PR
Kelsey@yellowjerseypr.com

 

BOARD OF DIRECTORS' STATEMENT

 

Business review

During the six months under review, the Board continued to focus the Company's activities solely to explore and develop Bauxite resources, the raw material of alumina, which is used in the production of aluminium, in the belief that growing world demand for aluminium across the next decade will significantly enhance the Company's intrinsic value.

 

The Company has four active Bauxite projects in the Republic of Guinea and the focus in the first half of 2014 has been to make progress on developing the following four bauxite licences:

 

  * A 62% interest in Toubal Group Limited (with contracts signed to increase this interest to 92%) which has an advanced bauxite exploration project near Tougue through its Guinean subsidiary Tougue Bauxite and Alumina Corporation SA ("Toubal") under Licence 163 with a potential resource in excess of 500 million tonnes of high grade bauxite;

 

  * Through its Guinean subsidiary, Forward Africa Resources SA ("FAR"), Licence 223 with conservatively 300 million tonnes of high grade bauxite at Kindia, anticipated to be in production during 2016/17 with a production target of 2 million tonnes per year;

 

  * Through its Guinean subsidiary, Societe Miniere d'Alumine SA ("Somalu"), Licence 145 with approximately 1 billion tonnes of bauxite at Mamou which was formerly owned by Vale; and,

 

  * Through its Guinean subsidiary, Mineral Technology Exploration Production Guinee SA ("Mintep"), Licence 151 with historical drilling indicating a potential resource of 750 million

 

Since the year-end, the Company has been seen further positive progress with its activities.

 

With regards to FAR, the Company was pleased with the initial results that were released in August, which highlighted that Samaya and Elevation 955 have highly prospective targets indicating potential grades between 42% and 49% alumina content. As a result, the Company aims to concentrate on the Samaya plateau in the first instance and has planned a second drilling campaign for October 2014.

 

The results for Toubal were also positive with initial interim results showing that Toubal has the potential to produce high-grade bauxite with an alumina content of higher than 40% with a low silica content.

 

The Company expects inferred mineral resource estimates in line with the JORC Code of Practice 2012 for both FAR and Toubal, to be released later in year.

 

Furthermore, Anglo African appointed John O'Connor as non-executive Chairman in September. John has over 30 years experience in African and other developing markets, thereby offering a wealth of experience to the Company.

 

Results and Dividends

 

The consolidated loss of for the year after taxation transferred against
reserves amounted to €428,442. The Company had no turnover for the period. The loss relates to management, administration, financing and head office costs incurred during the year. The Directors do not propose that a dividend be paid.

 

In Summary

 

Following the strong progress in 2013 to successfully secure three new bauxite licences in the Republic of Guinea, Michel Pothier was reappointed as the Company's Director of Operations in January 2014 to help drive the ongoing development of the four bauxite projects.

 

The new £4.2 million funding secured in 2014 with the potential to increase the facility to £10 million provides the Company with the working capital to progress the Bauxite projects with inferred mineral resource estimates on two of the four licences due for release later this year, following the completion of the drilling and sample analysis.

 

The Board believes the Company is in a strong position to improve shareholder value as well as benefit the people of Guinea, especially in the Tougue and Kindia regions. The Board takes its social responsibility in Guinea extremely seriously and it wishes to remain an inward investor into the country over the long term.

 

Respectfully submitted on behalf of the Board

 

James Lumley

Chief Executive Officer

 

19 September 2014

ANGLO-AFRICAN MINERALS PLC AND SUBSIDIARIES

(Registered number: 463667, Republic of Ireland)

 

Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2014

                                                                            2014          2013

                                                                       6 months      6 months

                                                                              €                 €

Continuing operations                                                          

Administrative expenses                                (426,346)      (454,896)

Finance costs                                                     (2,096)      (201,242)

Loss before taxation                                       (428,442)      (656,138)

Income tax expense                                              -             -

Total Comprehensive Loss for the Period       (428,442)     (656,138)

Loss attributable to:                                                          

Owners of the Company                                 (428,442)     (656,138)

                                                                        (428,442)     (656,138)

Total Comprehensive loss attributable to:                                      

Owners of the Company                                 (428,442)     (656,138)

                                                                        (428,442)     (656,138)

Basic Loss per Share                                        (€0.004)       (€0.007)

Fully Diluted Loss per Share                             (€0.004)      (€0.007)

 

Consolidated Statement of Financial Position

As at 30 June 2014

                                                                30 June 2014  30 June 2013

                                                                               €                €

ASSETS                                                                         

NON CURRENT ASSETS                                                             

Intangible assets                                           11,754,455     8,624,607

                                                                      11,754,455     8,624,607

CURRENT ASSETS                                                                 

Trade and other receivables                              369,841           2,809

Cash and cash equivalents                             1,488,223              675

                                                                        1,858,064           3,484

TOTAL ASSETS                                            13,612,519     8,628,092

 

EQUITY AND LIABILITIES                                                         

CAPITAL AND RESERVES  

                                                         

Called-up and paid in share capital                   387,384         345,984

Share premium                                             30,199,490    26,618,518

Minority Interest                                                   16,240           15,200

Retained deficit                                           (21,056,052)  (20,334,374)

 

EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY

                                                                        9,547,062     6,645,328

CURRENT LIABILITIES                                                            

Trade and other payables                               4,065,457     1,982,764

TOTAL LIABILITIES                                        4,065,457     1,982,764

TOTAL EQUITY AND LIABILITIES               13,612,519     8,628,092
                                                                              

The financial information included in this announcement for the six months ended 30 June 2014 has not been audited. The Directors of the Company accept responsibility for this announcement.

 

Contact Details:

Mr James Lumley

Chief Executive Officer

jlumley@aamplc.com

 

Kelsey Traynor

Yellow Jersey PR

+447799 003 220

 

Notes to Editors:

Anglo African Minerals is a mineral exploration Company focused on West Africa. The Company’s main objective is to explore and advance it’s bauxite projects located in the Republic of Guinea. The Company owns the rights to 4 bauxite exploration licences with a potential resource of up to 3 billion tonnes. Its focus is on near term production by 2016, whilst developing its other assets.

 

Release of New Corporate Presentation

PR Newswire

GXG Markets: AAM:G4 (www.gxgmarkets.co.uk )

ISIN:IE00B66ML191

WKN: A0N9YH

 

London, 18th September 2014

ANGLO-AFRICAN MINERALS PLC - Release of new Corporate Presentation

 

Anglo-African Minerals plc (GXG:AAM:G4), the GXG quoted mineral exploration company focussed on West Africa, is pleased to announce that an updated corporate presentation is available from the Company's website:

 

www.aamplc.com

 

Contact Details:

Mr James Lumley

Chief Executive Officer

jlumley@aamplc.com

 

Kelsey Traynor

Yellow Jersey PR

+447799 003 220

 

Notes to Editors:

Anglo African Minerals is a mineral exploration Company focused on West Africa. The Company’s main objective is to explore and advance it’s bauxite projects located in the Republic of Guinea. The Company owns the rights to 4 bauxite exploration licences with a potential resource of up to 3 billion tonnes. Its focus is on near term production by 2016, whilst developing its other assets.

 

Appointment of Non Executive Chairman

PR Newswire

GXG Markets: AAM:G4 (www.gxgmarkets.co.uk )

ISIN:IE00B66ML191

WKN: A0N9YH

 

London, 10th September 2014

ANGLO-AFRICAN MINERALS PLC ( “AAM” or the “Company” )

Change of the Board of Directors

 

Anglo-African Minerals plc (GXG:AAM:G4), the GXG quoted mineral exploration company focused on West Africa, is pleased to announce the appointment of John O’Connor as Non-Executive Chairman with immediate effect. His extensive African and international experience, and broad network of contacts, both in the financial and mining sector, will be highly beneficial to the Company as it advances through its exploration activities in Guinea.

 

John has over 30 years experience in Africa and other developing markets mainly with “blue chip” Companies such as; British Aerospace, Plessey and Thorn EMI Electronics. This led to the creation of Bluefinger Limited and John as its founder and Chairman, was involved with the negotiation and successful completion of natural and environmental projects in Africa. More recently John has managed his activities through his own Irish based Company OCI Limited.

 

James Lumley CEO comments: “I am delighted that John has joined the team at Anglo-African Minerals. John has a wealth of experience both in the financial and resource sectors and his appointment could not have come at a better time for the Company as we move very quickly through our exploration strategy”

 

 

Contact Details:

Mr James Lumley

Chief Executive Officer

jlumley@aamplc.com

 

Kelsey Traynor

Yellow Jersey PR

+447799 003 220

 

Notes to Editors:

Anglo African Minerals is a mineral exploration Company focused on West Africa. The Company’s main objective is to explore and advance it’s bauxite projects located in the Republic of Guinea. The Company owns the rights to 4 bauxite exploration licences with a potential resource of up to 3 billion tonnes. Its focus is on near term production by 2016, whilst developing its other assets.

 

Directorate Change

PR Newswire

GXG Markets: AAM:G4 (www.gxgmarkets.co.uk )

ISIN:IE00B66ML191

WKN: A0N9YH

 

ANGLO-AFRICAN MINERALS PLC - Directorate Change


 

London, 3nd September 2014

ANGLO-AFRICAN MINERALS PLC ( “AAM” or the “Company” )

Change of the Board of Directors

Anglo-African Minerals plc (GXG:AAM:G4), the GXG quoted mineral exploration company focused on West Africa, announces that Mike Neville has resigned from his position as Chairman with immediate effect.

A search has commenced for a replacement and a further announcement will be made in due course.

 

James Lumley, CEO commented: “Mike joined the board at a very difficult time for the Company and was instrumental in the restructuring of the company, which has provided an extremely stable platform for growth and development.

 

He has played a pivotal role in repositioning the Company for growth and development, we would like to thank him for his hard work and commitment, and wish him well for the future.”

 

Contact Details:

Mr James Lumley

Chief Executive Officer

jlumley@aamplc.com

 

Kelsey Traynor

Yellow Jersey PR

+447799 003 220

 

Notes to Editors:

Anglo African Minerals is a mineral exploration Company focused on West Africa. The Company’s main objective is to explore and advance it’s bauxite projects located in the Republic of Guinea. The Company owns the rights to 4 bauxite exploration licences with a potential resource of up to 3 billion tonnes. Its focus is on near term production by 2016, whilst developing its other assets.

 

AGM Announcement

PR Newswire

GXG Markets: AAM:G4 (www.gxgmarkets.co.uk )

ISIN:IE00B66ML191

WKN: A0N9YH

 

2nd September 2014 London

 

ANGLO-AFRICAN MINERALS PLC

(“AAM” or “Company”)

 

AGM ANNOUNCEMENT

 

The Annual General Meeting of Anglo-African Minerals plc (“AAM”) was today held at its head office in Cashel, Co Tipperary, Ireland. All the resolutions contained in the Notice of AGM were duly passed.

 

Commenting on the progress of AAM during the last year, CEO James Lumley said: “It has been a year of tremendous progress for AAM. We have now secured funding for the Company to take us forward to the stage of preparing and completing the maiden resource statements which will lead to a pre-feasibility study for the FAR licence, 223, at Kindia. All samples from Kindia and from the Toubal licence have now been analysed at ALS in Ireland with very encouraging results and we are anticipating completion of the maiden JORC report by October this year.

 

“This is substantial progress from where the Company stood at its AGM last year and I am most grateful to all concerned. We remain extremely confident for the future of Anglo-African Minerals.”

 

For further enquiries:

 

Mr James Lumley

Chief Operating Officer

jlumley@aamplc.com

 

 

Kelsey Traynor

Yellow Jersey PR

Kelsey@yellowjerseypr.com

 

Notes to Editors

 

Anglo African Minerals is a mineral exploration company focused on West Africa. The Company’s main objective is to explore and advance its Bauxite projects located in Guinea. The Company owns the rights to 4 exploration bauxite licences with a potential resource of 3 billion tonnes. Its focus is to achieve near term production whilst developing other assets.

 

It has four licences: Toubal, Mintep, Far and Somalu. Somlau and Far are the projects closest to production with bauxite estimated to be exported by 2016.

 

Drilling Update FAR Bauxite Project, in the Kindia Region of Guinea.

PR Newswire

GXG Markets: AAM:G4 (www.gxgmarkets.co.uk )

ISIN:IE00B66ML191

WKN: A0N9YH

 

21st August 2014 London

 

ANGLO-AFRICAN MINERALS PLC ( “AAM” or the “Company” )

 

Drilling Update FAR Bauxite Project, in the Kindia Region of Guinea.

 

Anglo-African Minerals plc ( GXG:AAM:G4 ), the GXG quoted mineral exploration company focused on West Africa, is pleased to deliver an update to its shareholders regarding the results from the recent drilling campaign on the FAR bauxite licence in the Kinida Prefecture in Guinea.

 

In May 2014, the company engaged Toumnyne Drilling contractors in Guinea, to undertake a drilling campaign on a 600 by 600 meter grid to a depth of 20 meters which focused on the Samaya and Elevation 955 plateau located on the FAR licence in the Kinida Prefecture.

 

The initial results have highlighted that both Samaya and Elevation 955 have highly prospective targets indicating potential grades between 42% and 49% alumina content. The intention is to concentrate on the development of the Samaya plateau in the first instance, with a second drilling campaign covering a 300 meter by 300 meter grid planned for October 2014.

 

Armed with this information, the Company is currently working towards the completion of an Inferred Resource Statement for both Samaya and Elevation 955 plateau, which is scheduled to be completed by September 2014.

 

Hans Verschuur, Technical Director commented: “ This is a highly interesting development, particularly as the plateaus are located adjacent to the Kinida mine, which is being operated by Rusal. We look forward to updating shareholders in due course”

 

Contact Details:

 

Mr James Lumley

Chief Executive Officer

jlumley@aamplc.com

 

Kelsey Traynor

Yellow Jersey PR

+447799 003 220

 

Notes to Editors

 

Anglo-African Minerals is a mineral exploration company focused on West Africa. The Company’s main objective is to explore and advance its bauxite projects located in Guinea. The Company owns the rights to 4 exploration bauxite licences with potential resources of 3 billion tonnes. Its focus is to achieve near term production whilst developing other assets.

 

It has four licences: FAR, Somalu, Toubal and Mintep at various stages of development, FAR and Somalu are the projects closest to prodcution with bauxite estimated to be exported by 2016.

ANGLO-AFRICAN MINERALS PLC - Directorate Change

PR Newswire

 

GXG Markets: AAM:G4 (www.gxgmarkets.co.uk )

ISIN:IE00B66ML191

WKN: A0N9YH

 

London, 30 July 2014

 

ANGLO-AFRICAN MINERALS PLC ("AAM" or the "Company")

 

Appointment of a Technical Director.

 

Anglo-African Minerals plc (GXG:AAM:G4), the GXG quoted mineral exploration company focused on West Africa, is pleased to announce the appointment of Hans Verschuur as Technical Director with immediate effect.

 

Hans is a professional mining engineer with more than 35 years of international board experience in a senior management position for International companies such as; BHP Billiton, Pechiney, Alcan and Rio Tinto.

 

James Lumley, CEO commented: "This is an exciting and highly active time for Anglo-African Minerals and with this in mind we are delighted to welcome Hans on board"

 

Contact Details:

Mr James Lumley
Chief Executive Officer
jlumley@aamplc.com

 

John Moriarty/Kelsey Traynor
Yellow Jersey PR
+447799 003 220

AAM Encouraged by Toubal Analysis Results

London | 6 August 2014 | 09:48

StockMarketWire.com - Anglo-African Minerals is encouraged by initial results from the sample analysis for its Toubal bauxite project in Guinea

 

The company engaged ALS Minerals in Ireland to undertake the analysis of 10,627 samples from the Toubal project in April.

 

Initial interim results of the chemical analysis undertaken by ALS Minerals show that Toubal has the potential to produce high grade bauxite with an alumina content of higher than 40% with a low silica content.

 

Chief Executive James Lumley said: "The initial results from ALS Minerals are very encouraging and have highlighted that the Toubal project has the potential to become a world class bauxite deposit.  We look forward to updating shareholders once we recieve the final analysis results.

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

London, June 27

 

Posted on June 27, 2014

Release Date: 27th June, 2014

PR Newswire

GXG Markets: AAM:G4 ( www.gxgmarkets.co.uk )

ISIN: IE00B66ML191

WKN: A0N9YH

 

London, 27th June 2014; ANGLO-AFRICAN MINERALS PLC (GXG Markets: AAM:G4) ("AAM" or the "Company") is pleased to announce its audited financial statements for the year ended 31 December 2013.

 

BOARD OF DIRECTORS' STATEMENT

Business review

The Board continue to focus the Company's activities solely to explore and develop Bauxite resources, the raw material of alumina, which is used in the production of aluminium, in the belief that growing world demand for aluminium across the next decade will significantly enhance the Company's intrinsic value.

 

The Company now has four active Bauxite projects in the Republic of Guinea:

 

* a 62% interest in Toubal Group Limited (with contracts signed to increase this interest to 92%) which has an advanced bauxite exploration project near Tougue (Licence 163) through its Guinean subsidiary Tougue Bauxite and Alumina Corporation SA ("Toubal SA") with potential resource in excess of 750 million tonnes;

 

* through its Guinean subsidiary, Forward Africa Resources SA, acquired on 24 January 2013, with conservatively 300 million tonnes at Kindia (Licence 223), anticipated to be in production during 2015/16;

 

* through its Guinean subsidiary, Societe Miniere d'Alumine SA ("Somalu SA"), acquired on 12 September 2013, with approximately 2 billion tonnes of bauxite at Mamou (Licence 145), formerly owned by Vale, anticipated to be in production in 2017/18; and,

 

* through its Guinean subsidiary, Mineral Technology Exploration Production Guinee SA ("Mintep Guinee SA"), acquired in 12 September 2013, with historical drilling indicating a potential resource of 1 billion tonnes just north of the Toubal licence (Licence 151), not expected to be in production until completion of the Simandou railway in 2018.

 

In 2013 the Company completed full technical appraisals of the Toubal Bauxite concession conducting over 10,000m of confirmatory drilling. This appraisal included a detailed appraisal of fundamental geology, analysis of soil geochemistry and airborne geophysical data. The purpose of these exploration campaigns is to bring the current Toubal Bauxite project to JORC/NI 43-101 standards with a report expected during 2014. The first drilling programme has been completed in 2011/12 and a specific gravity test is currently being carried out. In addition to completing the competent persons report the focus is on the licence renewal and preparation of the relevant documentation to apply for a mining permit.

 

Results and Dividends

 

The consolidated loss of for the year after taxation transferred against
reserves amounted to €949,374. The Company had no turnover for the period. The loss relates to management, administration, financing and head office costs incurred during the year. The Directors do not propose that a dividend be paid.

 

Significant Events

 

* Three new Bauxite licences were acquired during 2013, bringing the total to 4 licences.

* Net assets increased by just over €1 million.

* £434,637 of debt was converted into equity.

* £750,000 funding was provided by Michael Smith, a former director of the Company, during 2013 and this was converted into equity after the year end in January 2014.

* Since the year end a €4.2 million convertible loan facility has been secured in 2014 to fund the continued development of the Bauxite projects in 2014 including resource statements.

* Discussions are continuing with institutions, brokers and individual
investors to raise additional finance to fund research reports, exploratory drilling and mining licence applications in Guinea.

 

In Summary

 

The Company has made strong progress in 2013 to successfully secure three new bauxite licences in the Republic of Guinea and the Board is pleased that Michel Pothier has been reappointed as the Company's Director of Operations in January 2014 to help drive the ongoing development of the four Bauxite projects. The funding secured in 2013 has been enhanced by the new funding secured in 2014 which provides the Company with the working capital to progress the Bauxite
projects. The Board believes the Company is in a strong position to improve shareholder value as well as benefit the people of Guinea, especially in the Tougue and Kindia regions. The Board takes its social responsibility in Guinea extremely seriously and it wishes to remain an inward investor into the country over the long term.

 

Respectfully submitted on behalf of the Board

 

Michael Neville

Chairman

 

27 June 2014

ANGLO-AFRICAN MINERALS PLC AND SUBSIDIARIES

(Registered number: 463667, Republic of Ireland)

Consolidated Statement of Comprehensive Income For the year ended 31 December 2013

                                                                        2013          2012

                                                                           €             €

Continuing operations

Administrative expenses                              (750,860)     (886,109)

Finance costs                                               (198,514)      (44,904)

Loss before taxation                                     (949,374)     (931,013)

Income tax expense                                              -             -

Total Comprehensive Loss for the Period    (949,374)     (931,013)

Loss attributable to:

Owners of the Company                               (949,374)     (931,013)

                                                                      (949,374)     (931,013)

Total Comprehensive loss attributable to:

Owners of the Company                               (949,374)     (931,013)

                                                                      (949,374)     (931,013)

Basic Loss per Share                                     (€0.010)       (€0.012)

Fully Diluted Loss per Share                          (€0.010)       (€0.012)

Consolidated Statement of Financial Position

As at 31 December 2013

                                                                       2013          2012

                                                                          €             €

ASSETS

NON CURRENT ASSETS

Intangible assets                                       9,250,214     7,644,230

                                                                  9,250,214     7,644,230

CURRENT ASSETS

Trade and other receivables                        262,880       405,117

Cash and cash equivalents                              8,179             539

                                                                     271,059       405,656

TOTAL ASSETS                                        9,521,273     8,049,886

EQUITY AND LIABILITIES

CAPITAL AND RESERVES

Called-up and paid in share capital               355,234       333,488

Share premium                                         27,401,559    25,427,291

Minority Interest                                               16,029        15,200

Retained deficit                                        (20,627,611)  (19,678,237)

EQUITY ATTRIBUTABLE TO

OWNERS OF THE COMPANY                   7,145,211     6,097,742

CURRENT LIABILITIES

Trade and other payables                           2,376,062     1,952,144

TOTAL LIABILITIES                                    2,376,062     1,952,144

TOTAL EQUITY AND LIABILITIES             9,521,273     8,049,886

 

The financial information included in this announcement for the year ended 31 December 2013 has been audited and a copy of the Annual Report and Accounts are available from the Company. The Directors of the Company accept responsibility for this announcement.

 

For further information please contact James Lumley, Chief Operating Officer using the form at the bottom of this page.

 

Drilling Update from Kindia Project, Guinea

London, June 20

 

Posted on June 20, 2014

Release Date: 20th June, 2014

PR Newswire

GXG Markets: AAM:G4 ( www.gxgmarkets.co.uk )

ISIN: IE00B66ML191

WKN: A0N9YH

 

Anglo-African Minerals plc (GXG:AAM:G4), the GXG quoted mineral exploration company focused on West Africa, is pleased to deliver a drilling update to its shareholders for its Kindia Bauxite Project in Guinea. In April 2014 the Company signed a contract with Toumyne, a drilling contractor in Guinea, to undertake a further Auger drilling campaign on the Elevation and Samaya plateaus located on the Company's 100% owned Kindia Bauxite Project in Guinea. The drilling programme was started on the Elevation and Samaya target and subsequently completed in May 2014. The programme consisted of the drilling of 40 boreholes with the aim to provide a more complete understanding of the bauxite potential and define the future detailed exploration works. The samples from this drilling programme have now been sent off for analysis to ALS Minerals Laboratory in Ireland. The Kindia Project is approximately 338km2 in size and is located near existing rail and port infrastructure in the Kindia area of Guinea. James Lumley, COO commented: "We are pleased to have progressed our drilling at the Kindia Project and look forward to updating shareholders with the sampling results in due course."

 

For further information please contact James Lumley, Chief Operating Officer using the form at the bottom of this page.

 

Delayed Annual Financial Statement

London, June 2

 

Posted on June 2, 2014

Release Date: 2nd june, 2014

PR Newswire

GXG Markets: AAM:G4 ( www.gxgmarkets.co.uk )

ISIN: IE00B66ML191

WKN: A0N9YH

 

Anglo African Minerals plc ( GXG:AAM:G4 ) have agreed an extension with the GXG Markets for the submission of annual audited financial statement until Monday 27th June 2014. The delay is due to the finalisation of additional audit enquiries.

 

For further information please contact James Lumley, Chief Operating Officer using the form at the bottom of this page.

 

AAM Board Changes

March 10, 2014

 

Posted on March 10, 2014
Release Date: 10th March 2014
PR Newswire 
GXG Markets: AAM:G4 ( www.gxgmarkets.co.uk )
ISIN: IE00B66ML191
WKN: A0N9YH
Anglo-African Minerals plc announces that David Mann is stepping down from the board with immediate effect in order to pursue other interests. The Board would like to thank David for his contribution to the company over the years, and wish him all the best in the future.

 

For further information please contact James Lumley, Chief Operating Officer using the form at the bottom of this page.

 

AAM Convertible Loan Issue

March 6, 2014

 

Posted on March 6th, 2014

Release Date: London, 6th March, 2014

PR Newswire

GXG Markets: AAM:G4 ( www.gxgmarkets.co.uk)

ISIN: IE00B66ML191

WKN: A0N9YH

 

Anglo-African Minerals plc announces that it has entered in to an agreement with an investor group put together by veteran African natural resource developer John O’Connor (OCI Limited-www.ociltd.com) for the subscription of funds by way of a convertible loan note of up to £10,000,000 (ten million pounds sterling) being the principal amount. The first £1 million of the loan note has been drawn down and will be used to fund the existing projects in Guinea. The balance of the loan notes will be available for draw down to allow the Company to continue to make further progress and move towards production on the Kindia licence by 2016, and to fund initial development on the company’s other assets and licences.


Details of the Convertible Loan Note:
The convertible loan notes will be unsecured and carry a coupon rate of up to 10% and will be convertible, at any time within one year at the holders election, into ordinary shares of 0.08 pence per share, such shares ranking pari pasu with all other shares.

 

James Lumley COO comments:

“We are delighted to have raised these funds in conjunction with OCI Limited following our recent acquisition of the Mintep and Somalu licences. The Company will focus on undertaking further drilling on the Kindia licenses and progressing to obtaining a JORC resources statement on all of the projects ensuring that we remain on track to enter into production in 2016. The close working relationship that we have forged with OCI Limited over the last couple of years will potentially unlock further funding opportunities in Ireland and internationally.”

 

For further information please contact James Lumley, Chief Operating Officer using the form at the bottom of this page.

 

Anglo African Minerals PLC

Issue of Equity

January 16, 2014

 

Posted on January 16, 2014

Release Date: 16th January 2014

PR Newswire

GXG Markets: AAM:G4 ( www.gxgmarkets.co.uk)

ISIN: IE00B66ML191

WKN: A0N9YH

 

Anglo-African Minerals plc announces that it has issued and allotted 6,500,000 new ordinary share at 11.5p in the Company according to the following event:
• 6,500,000 new ordinary shares in respect of a conversion of debt to equity by Michael Smith.  An application has been made to the GXG markets for the new ordinary shares to be admitted to trading on the GXG exchange. 

 

For further information please contact James Lumley, Chief Operating Officer using the form at the bottom of this page.

 

AAM Directorate Change

January 15, 2014

 

Posted on January 15, 2014

Release Date: 14th January 2014

PR Newswire

GXG Markets: AAM:G4 ( www.gxgmarkets.co.uk)

ISIN: IE00B66ML191

WKN: A0N9YH

Anglo - African Minerals are pleased to announce the appointment of Michel Pothier to the board. Michel is a French National and a resident of Guinea. Michel has extensive experience in working on the African continent managing large projects in the natural resource and energy sectors.  Michel specialises in providing advice to Governments on their International operations in both the natural resource and energy sectors. Prior to becoming involved in the resources sector, Michel headed an International Cooperation project on behalf of the French Ministry of Foreign Affairs and Interior in several West African Countries.  James Lumley COO states " I am delighted that Michel has joined the board, we have been working with Michel for some time and his experience and knowledge are a welcome addition to the team. Michel brings a sense of confidence and stability in the country which is a major benefit to the Company".

 

For further information please contact James Lumley, Chief Operating Officer using the form at the bottom of this page.

 

Completion of Acquisition of

Mintep and Somalu

January 15, 2014

 

Posted on January 15, 2014

Release Date: 14 January 2014

PR Newswire

London, January 15

GXG Markets: AAM:G4 ( www.gxgmarkets.co.uk)

ISIN: IE00B66ML191

WKN: A0N9YH

 

Anglo-African Minerals plc announces that it has completed the acquisition of Mineral Technology Exploration Production SA (MINTEP) and Societe Miniere d'Alumine SA with Anglo African acquiring 100% of the projects.

 

HIGHLIGHTS:

 

SOMALU

* Total of 2 licences total area 698 sqkm in the Prefecture of Mamou.

* Hosts an estimated resource of more than 1 billion tonnes of high grade bauxite.

* 14,000 m of drilling complete by VALE.

* Potential export capacity of 5 mtpa by 2017.

MINTEP
* Total area of 1490 sqkm.

* Fully explored by B.S.G.R in previous years

* Hosts a potential estimated resource of more than 700 mt of high grade bauxite.

 

As a result of completion, AAM announces that it has issued and allocated a total of 30,000,000 new fully paid ordinary shares in the Company according to the following:

 

* Mineral Technology Exploration Production SA (MINTEP) 12,000,000 new fully paid ordinary shares.

* Societe Miniere d'Alumine SA ( SOMALU) 18,000,000 new fully paid ordinary shares.

 

James Lumley COO states " This is a transformational acquisition for Anglo African Minerals which delivers new advanced Guinea bauxite assets. In particular the Somalu asset, which has the potential to be brought in to production by 2017, compliments our existing Kindia asset that is targeted in be in production in 2016"

 

For further information please contact James Lumley, Chief Operating Officer using the form at the bottom of this page.

 

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Head Office

17 Pembroke Street Upper

Dublin 2

Republic of Ireland

 

Guinea Office

Immeuble Allima Soumah

Boulbinet

BP 5099 Conakry

Republique de Guinée

 

UK Subsidiary Office

2nd Floor

48 Dover Street

London, United Kingdom

W1S 4FF

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