In September 2016, AAM entered into the first stage of a new joint-venture partnership with a Chinese
consortium owned by CECEP, one of the largest state owned enterprises in China.
Other parties include China New Era as a funding partner and China Geo Engineering, a construction and
engineering company which has been operating in Guinea for some 18 years and has a strong track record in the country.
The consortium will provide the following important elements in the joint venture:
- 71.0% funding for the development of the FAR project
- An extension to the Conakry port terminal, with FAR and AAM having priority rights over the port and for
all its other projects.
- Full mining services.
- Investment in infrastructure improvements.
- Off-take agreements.
- Repayment of $3.5 million of historical costs to AAM.
- The consortium will release an initial $2.0 million deposit to FAR to assist in with the project’s progression, with a further $1.5
million to be released as part payment of AAM’s historical costs during 2017.