The latest information on the activities of Anglo-African Minerals plc
London - 2nd May 2017
Awarding of Exploitation Licenses for Forward Africa Resources SA Bauxite Project, Guinea
Fast-Tracking Development Towards Production in 2018
Anglo-African Minerals plc
(The “Company” or “AAM”)
Awarding of Exploitation License Agreement for Forward Africa Resources SA Bauxite Project, Guinea
Fast-tracking Development towards Production in 2018
Anglo-African Minerals plc, the bauxite exploration and development company focused on developing assets located in the Republic of Guinea, West Africa, is pleased to announce that Forward Africa Resources SA (“FAR"), a wholly owned subsidiary of Anglo-African Minerals plc, has been granted two industrial mining permits by Presidential Decree for its permits located in Kindia and Dubreka Prefecture, Guinea.
FAR owns the rights to a highly prospective 170 km2 exploitation licence located in the Dubreka/Kindia Prefecture, some 170 km North-East of Conakry and some 25km from the existing rail spur that connects the Kindia mine with the Port of Conakry. The project is estimated to have a 73Mt JORC compliant resource (with potential expansion to 100Mt) according to mining consultants SRK with AAM targeting production to commence in 2018 with an initial production target of up 3Mt p.a., ramping up to 5Mt p.a. export quality bauxite over a 20 year Life of Mine.
Following a comprehensive exploration programme, FAR has fulfilled its commitments vis-à-vis the Guinean Government by following the procedures imposed by the mining code and succeeding in certifying the measured resources, and as a result FAR has been granted two exploitation licences - one for each of Momo and Samaya/Elevation plateaux.
James Lumley, CEO of Anglo African Minerals said:
"I am delighted that the Exploitation License for the FAR project has been awarded and what we believe to be recognition by the Guinean State of our determination and professionalism in developing resources in-country. This is a major milestone in the progression of the FAR project towards first production in 2018 and importantly in our goal of becoming a major reputable bauxite producer.
“Notably, with near-term production in mind we entered into a Joint Venture in September 2016 with a consortium led by CECEP, one of the largest state owned enterprises in China, who will provide a turnkey solution for our project.”
Michel Pothier, Directeur Général of Forward Africa Resources said:
“We look forward to working alongside the Guinean people to maximise the benefits of this important natural resource for economic growth and prosperity for many years to come."
CEO Anglo-African Minerals plc
About Anglo-African Minerals plc
Anglo-African Minerals plc (AAM) is an Irish registered company and dedicated to the exploration and development of its bauxite assets located in the Republic of Guinea, West Africa. AAM is striving to become a major reputable bauxite producer in the near term.
Through its subsidiaries in Guinea, AAM owns the rights to four exploration licences with a potential resource in excess of two billion tonnes. AAM is focused on progressing its FAR project into production by 2018. The Company is able to offer a balanced-portfolio approach focusing on generating shareholder value and cashflow. The Directors and consultants of AAM have a great deal of experience working in the resource sector in Africa.