2015 Press Releases

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Company’s Annual General Meeting for 2015 was held on 12 May 2015

PR Newswire

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

ISIN:IE00B66ML191

WKN: A0N9YH

 

London 28th May 2015.

 

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

 

Anglo-African Minerals plc (GXG:AAM:G4), the GXG quoted mineral exploration company focused on West Africa, announces that that the Company’s Annual General Meeting for 2015 was held on 12 May 2015 and that all resolutions were passed by an overwhelming majority exceeding 66.7%.

 

In accordance with Rule 27 of the rules of the GXG Markets, the board of directors of the Company gives the following information:

 

(a)       The Company resolved to cancel its GXG listing because its board believes that the shares are undervalued on the GXG Markets as against its true value to third parties and its shareholders.

(b)      The Company has made no alternative arrangements for the trading of the Company’s securities but if shareholders find acquirers for shares in the Company, such transfers will be dealt with in the usual way by the Company’s registrars.

(c)       There is no additional information relevant to the circumstances surrounding such cancellation.

(d)      The decision to cancel the listing of the Company’s shares on the GXG Markets was approved at the Company’s AGM held on 12th May 2015 by an overwhelming margin.

 

Following the passing of the resolution to cease the listing of the Company’s shares on the GXG Markets as soon as possible the Company is now liaising with GXG Markets to finalise the delisting of the shares.

 

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 2017, whilst developing its other assets. 

PR Newswire:

ANGLO-AFRICAN MINERALS PLC AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

London, 28th May 2015; 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 2014.

BOARD OF DIRECTORS’ STATEMENT

Business review

Your Board continues 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. The global demand for aluminium has been growing at around 6% per annum over the last decade and in the last few years growth has been estimated to reach 7.5% per annum whilst the Indonesian ban on bauxite exports during 2014 has disrupted the worldwide supply.

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

  • an 82% interest in Toubal Group Limited (with further agreements executed 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”) with inferred mineral resource estimated to be 722 million tonnes; 
  • through its Guinean subsidiary, Forward Africa Resources SA (“Forward Africa Resources”) with mineral resource estimated to be 73 million tonnes at Kindia (Licence 223) with 31 million tonnes of this indicated and the rest inferred, anticipated to be in production during 2016;
  • through its Guinean subsidiary, Societe Miniere d’Alumine SA (“Somalu”) with approximately 1 billion tonnes of bauxite at Mamou (Licence 145), anticipated to be in production in 2019/20; and
  • through its Guinean subsidiary, Mineral Technology Exploration Production Guinee SA (“Mintep”) with historical drilling indicating a potential resource of 750 million tonnes just north of the Toubal licence (Licence 151), not expected to be in production until infrastructure is in place.

During 2014, the Republic of Guinea was in the midst of the threat from the Ebola epidemic which has disrupted economic and social activities in the region. We are pleased to report that, despite this disruption, the Company has completed two drilling programmes at Kindia and further exploratory works on Toubal. Following detailed data analysis and reviews, the Company has satisfactorily released two maiden inferred bauxite resource estimates on these two projects compliant with the JORC Code (2012) standards. As Kindia is near existing infrastructure, our strategy is to secure sufficient funding in 2015 to enable it to be in production of bauxite from the Kindia licence during 2016. In the medium term, the Company is poised to become a major producer of bauxite if the planned railway infrastructure project of the Guinean government is completed which will allow the northern three licences to be brought into production.

Results and Dividends

The consolidated loss of for the year after taxation transferred against reserves amounted to €3,751,832. The Company had no turnover for the period. The loss relates to licensing, management, consulting, administration, financing and head office costs incurred during the year along with a mark down in the carrying value of an investment in the amount of €1,795,269. The Directors do not propose that a dividend be paid.

Significant Events

* Net assets increased by just over €2.1 million.

* €4.2 million convertible loan facility has been secured to fund the continued development of the Bauxite projects including resource statements.

* Completion of full technical appraisals of the Kindia bauxite concession conducting extensive confirmatory drilling, including a detailed assessment of fundamental geology, analysis of soil geochemistry and airborne geophysical data. These exploration campaigns bring the Kindia bauxite project to JORC Code (2012 Edition) standards with an independent report on its inferred mineral resource estimated at 43 million tonnes which was announced in October 2014.

* Completion of a Scoping Study on the Kindia bauxite concession by the Company’s consultants, SRK Consulting (UK) Limited, which has indicated an extremely positive base case scenario for bauxite production and these results were announced in December 2014 with a net present value estimated at $163 million.

* Since the year end, the mineral resource estimated at the Kindia bauxite concession has increased in March 2015 to 73 million tonnes with 31 million tonnes of this indicated and 42 million tonnes inferred. Further drilling and analysis is underway, aiming to report a measured bauxite resource estimate at this concession.

* Completion of full technical appraisals of the Toubal bauxite concession previously conducting over 10,000m of confirmatory drilling in addition to the drilling in 2011. This appraisal included a detailed assessment of fundamental geology, analysis of soil geochemistry and airborne geophysical data. These exploration campaigns bring the Toubal bauxite project to JORC Code (2012 Edition) standards with an independent report on its inferred mineral resource estimated at 722 million tonnes.

 * 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 2014 securing funding to progress its bauxite projects in the Republic of Guinea with two maiden resource statements at Kindia and Toubal. As the Kindia concession is near existing infrastructure, the Board’s strategy is to bring the Kindia concession into production in 2016. 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

John O’Connor

Chairman

28 May 2015

ANGLO-AFRICAN MINERALS PLC AND SUBSIDIARIES

(Registered number: 463667, Republic of Ireland)

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2014

 

 

2014

2013

 

 

Continuing operations

 

 

 

Administrative expenses

 

(1,615,571)

(750,860)

 

Financial assets impairment

 

(1,795,269)

-

Finance costs

 

(340,992)

(198,514)

Loss before taxation

 

(3,751,832)

(949,374)

Income tax expense

 

-

-

Total Comprehensive Loss for the Period

 

(3,751,832)

(949,374)

 

 

 

 

Loss attributable to:

 

 

 

         Owners of the Company

 

(3,751,832)

(949,374)

 

 

(3,751,832)

(949,374)

Total Comprehensive loss attributable to:

 

 

 

         Owners of the Company

 

(3,751,832)

(949,374)

 

 

(3,751,832)

(949,374)

 

 

 

 

Basic Loss per Share

 

(€0.028)

(€0.010)

Fully Diluted Loss per Share

 

(€0.026)

(€0.010)

 

Consolidated Statement of Financial Position

As at 31 December 2014

 

 

2014

2013

 

 

ASSETS

 

 

 

NON CURRENT ASSETS

 

 

 

Intangible assets

 

12,694,943

9,250,214

Financial assets

 

603,600

-

 

 

13,298,543

9,250,214

CURRENT ASSETS

 

 

 

Trade and other receivables

 

100,586

262,880

Cash and cash equivalents

 

931,909

8,179

 

 

1,032,495

271,059

TOTAL ASSETS

 

14,331,038

9,521,273

 

 

 

 

EQUITY AND LIABILITIES

 

 

 

 

 

 

 

CAPITAL AND RESERVES

 

 

 

Called-up and paid in share capital

 

158,470

355,234

Share premium

 

33,464,275

27,401,559

Share based payment reserve

 

31,791

-

Minority Interest

 

8,594

16,029

Retained deficit

 

(24,379,443)

(20,627,611)

EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY

 

9,283,687

7,145,211

 

 

 

 

CURRENT LIABILITIES

 

 

 

Trade and other payables

 

5,047,351

2,376,062

TOTAL LIABILITIES

 

5,047,351

2,376,062

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

14,331,038

9,521,273

 

 

 

 

 

The financial information included in this announcement for the year ended 31 December 2014 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 on this announcement or general information on the Company please contact:

James Lumley: jlumley@aamplc.com

www.aamplc.com

January - March 2015

Mineral Resource Estimate Update for FAR Bauxite Project, Guinea, West Africa

London 30th March 2015

 

Forward Africa Resources S.A

(“FAR SA” or “the Company”)

PR Newswire

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

ISIN:IE00B66ML191

WKN: A0N9YH

 

 

Mineral Resource Estimate Update for FAR Bauxite Project, Guinea, West Africa

 

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 updated Independent Mineral Resource Estimate (“MRE”) and statement for its FAR Bauxite Project (also referred to as “FAR” or the “Project”), located in Guinea, West Africa.

 

Highlights:

  • Completion and inclusion of 176 auger holes collected up to Q4-2014, across three plateaux areas.
  • Indicated Mineral Resources of 30.9 Million Tonnes, averaging 40.4% total alumina and 5.3% total silica, within two plateaux areas, Samaya and Elevation.
  • Inferred Mineral Resource of 42.6 Million Tonnes, averaging 39% total alumina and 4.7% total silica, within three plateaux areas, Samaya, Elevation and Momo.
  • Favourably located licence near to existing mining and rail infrastructure of CBK.
  • Favourable scoping study based on 3 million tonne per annum bauxite export operation.
  • Priority areas targeted for further drilling program to be completed in Q2-2015.
  • Further more detailed technical studies to be completed in Q2-2015, developing upon the positive scoping study completed in December 2014.

 

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

 

“The Updated Mineral Resource estimate for the FAR Bauxite Project, provides further confidence in the Mineral Resource base on which to develop a life of mine plan, advance fast-tracked technical studies, further develop the infrastructure and logistical discussions/agreements and develop the project into operation.”

 

“Highlights of the Mineral Resource Estimate (“the MRE”) results further support the potential for an economically viable project with potential upside in the future, generating cash flow at current bauxite prices and for a relatively low capital outlay through the use of contractors, subject to completion of more formal feasibility studies.”

 

Update MRE Summary:

Following the announcement of its Maiden Mineral Resource in October 2014, the results of a Scoping Study in December 2014, and the completion of an exploration programme between September to December 2014, AAM engaged SRK Consulting (UK) Limited (“SRK”) to undertake an updated Mineral Resource estimate on its FAR Bauxite Project, located in Guinea, West Africa, which commenced in late January 2015 upon receipt of the analytical results.

 

The Mineral Resource Estimate has been completed in accordance with the terms and guidelines of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” as provided by “The Joint Ore Reserves Committee (“JORC” or the “JORC Code – 2012 Edition”).

 

The FAR Project is located within a 338 km2 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.  The project comprises the Samaya, Elevation and Momo plateaux.

 

From 2011 to 2015, the Company have drilled some 176 auger holes (1,504 m) at FAR, of which 28 were drilled in 2011 and 148 in 2014, roughly on 300x300 m spacing at Samaya and Elevation and 600x600 m spacing at Momo, all completed under the supervision of a FAR employed resident geologist, and independently verified during a site visit undertaken by SRK.  In addition, six twin auger holes and six diamond drill holes have also been completed in order to verify the historical data, provide density measurements and confirm data quality.  The most recent exploration work carried out by FAR SA was conducted in a manner considered consistent with industry best practices, with Quality Assurance/Quality Control (“QA/QC”) procedures in place during exploration and has been supported by verification works to confirm the quality of historical data. 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 confidence category of Inferred and Indicated in accordance with JORC.

 

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 7 separate plateaux have been delineated at Samaya, Elevation and Momo, ranging in size from 0.7 to 7 km in strike length, up to 1 km across strike, and average around 6 m thick, with typically 0.5 m of overburden.

 

Geological modelling and domaining of the sampled intervals at MOMO, SAMAYA and ELEVATION has been undertaken. This work has been conducted by utilising both the drilling information and the physiographical/topographical information, as well as grade thresholds of approximately >34% Al2O3 and approximately <10% SiO2, but with flexibility where necessary in order to maintain geological and grade continuity.

 

Following completion of detailed statistical and geostatistical studies, SRK has used Ordinary Kriging to interpolate major oxide sample grades into a 3D block model (utilising percentage-space conversions to honour grade profiles), and has assessed the estimation quality and fully validated the model. The validation process has confirmed the robustness of the parameters used and the resultant model.

 

When classifying the Mineral Resource, SRK has taken into account the geological and grade continuity, data quantity, data quality and estimation confidence. SRK considers that at this time only an Inferred Mineral Resource can be reported at Momo and the western Elevation plateaux areas.

 

A mixture of Indicated and Inferred Mineral Resource has been reported at eastern Elevation and the major parts of Samaya East and West, with the majority reported as Indicated, but with the edges of the plateaux reported as Inferred, pending more detailed topographic surveys and plateaux edge definition drilling. Further closer spaced drilling is planned for Q2-2015 in order to estimate and report higher confidence estimates in the Measured category, as well as to better define the plateaux boundaries and limits of bauxite.

 

The Mineral Resources are reported and classified in accordance with JORC. 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. Based upon the Scoping Study completed in December 2014, SRK considers that the bauxite mineralisation delineated by detailed exploration drilling at the FAR Project to be amenable to open pit extraction, and can potentially be exported using existing infrastructure to the market.

 

The updated Mineral Resource statement shown below is effective of 6 March 2015 and has been classified in accordance with the JORC Code, by the Competent Person, Mr Mark Campodonic (MAusIMM (CP) (CP # 225925)). Mr Campodonic is an independent consultant and full-time employee of SRK Consulting (UK) and is wholly independent of FAR SA and AAM.

The Mineral Resource was estimated in conformity with generally accepted best practice guidelines. 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.

 

In comparison with the previously announced Inferred Mineral Resource for the F, a maiden Inferred Mineral Resource has been reported for the Momo plateaux area, minor changes to Samaya (East and West) and Elevation, and all of which incorporating a reduced dry density of 1.8 t/m3 has been used compared to the previous dry density of 2.0 t/m3.

 

EXPLORATION POTENTIAL

The geology and major controls on the bauxite appear to be understood, however definition along the edges of the bauxite plateaux is required. SRK has aided the Company in planning a drilling programme which will commence in Q2-2015.  

 

The Company has communicated that the drilling programme should focus on upgrading the Asset’s Mineral Resource classification, further delineate the bauxite plateaux, provide additional density data, and provide samples for bauxite characterisation and geotechnical studies, and that the work should be undertaken in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code, 2012 Edition (“JORC”). This should be achieved with 300 to 400 auger drill holes and will include a limited amount of diamond drilling.

 

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

Contact details:

 

FOR FURTHER INFORMATION:

Anglo-African Minerals Plc:

Mr James Lumley

Chief Executive Officer

jlumley@aamplc.com

Cashel, Co. Tipperary, Republic of Ireland

 

Public/Investor Relations:

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 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 announces the appointment of Anthony McCabe as Project Management and Construction Consultant

London 2nd February 2015

 

PR Newswire

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

ISIN:IE00B66ML191

WKN: A0N9YH

 

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

 

Anglo-African Minerals plc (GXG:AAM:G4) the GXG quoted mineral exploration company focused on West Africa is delighted to announce the appointment of Anthony McCabe as Project Management and Construction Consultant.

 

Mr. McCabe is a professional Project Director with more than 35 years international experience in the Bauxite and Alumina Industry with companies such as BHP Billiton and Alcan International.

 

His experience during the past 10 years in Guinea was as Senior Vice President and Project Director of Global Alumina’s interests in the development of a bauxite mine, alumina refinery and associated infrastructure. 

 

He is currently an independent consultant advising on a number of projects worldwide.

 

Anthony completed a Masters in Project Management in the University of Limerick in addition to his Bachelor of Mechanical Engineering from University College Dublin.

 

James Lumley CEO comments: “ We are delighted to have Anthony on board with Anglo African Minerals. Anthony’s appointment is extremely important for the Company now that we are entering a new phase of our development of the FAR project”

 

Contact details:

 

FOR FURTHER INFORMATION:

Anglo-African Minerals Plc:

Mr James Lumley

Chief Executive Officer

jlumley@aamplc.com

Cashel, Co. Tipperary, Republic of Ireland

 

Public/Investor Relations:

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 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 ANNOUNCES MAIDEN MINERAL RESOURCE STATEMENT OF 722 MILLION INFERRED TONNES FOR THE TOUBAL BAUXITE DEPOSIT, GUINEA, WEST AFRICA

London 6th January 2015

 

GXG Markets: AAM:G4

(www.gxgmarkets.co.uk)

ISIN:IE00B66ML191

WKN: A0N9YH

 

Tougué Bauxite and Alumina Corporation S.A. (“TOUBAL 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 Toubal Bauxite deposit (also referred to as “Toubal” or the “Project”), located in Guinea, West Africa.  The Project is located within a 750 km2 exploration licence 100% owned by TOUBAL SA, approximately 300 km North-east of Conakry, the capital of Guinea in the Toungué prefecture.

HIGHLIGHTS:

  • Inferred Mineral Resource Estimate of 722.0 Million Tonnes, averaging 42.6% total alumina and 3.7% total silica, within three main deposit plateaux; Sibiko, Soumbalako and Tiankounguelé.
  • Estimates are based on assay results from 744 auger drill holes that were completed during the 2011 exploration campaign, at 150 x 150 m, 300 x 300 m and 600x600 m spacing.
  • Limited confirmatory twinned drilling required to upgrade significant portions into higher confidence Mineral Resource classification categories.
  • Large resource base in a location likely to benefit strongly from third-party infrastructure developments in the country.

James Lumley, AAM CEO comments: “The Toubal Project’s Independent maiden Inferred Mineral Resource Estimate is an important milestone for the Company, which gives the Board, partners and shareholders confirmation of TOUBAL’s potential. In addition, we are further encouraged by the fact that the very limited confirmatory exploration is required in order to upgrade the Mineral Resource into higher confidence categories, potentially in the Measured and Indicated categories. This Project represents a large resource base in a location that is likely to benefit strongly from third-party infrastructure developments in the country.”

 

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

Further Information
Further Information to the Press Release[...]
Adobe Acrobat document [847.4 KB]

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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