African Minerals secures loan for Tonkolili
- Publishing Date
- 04 Feb 2011 11:18am GMT
- Author
- Mining Journal
Iron ore developer African Minerals Ltd has secured a US$417.7 million loan to advance the Tonkolili project in Sierra Leone.
The AIM-listed company said the facility would allow it to completely fund phase one of the project, taking it through to production in the fourth quarter of this year.
African Minerals previously stated the cost of stage one was expected to be US$1.1 billion.
Already, US$380 million has been spent on the project. The new secured loan facility increases the company’s available funds to US$836 million.
Frank Timis, African Minerals executive chairman, said: “The US$770 million of funds raised through the recent equity and debt issues underline a growing investor confidence in the prospects of both African Minerals and for the country, the people and the government of Sierra Leone.”
The AIM-listed company said the facility would allow it to completely fund phase one of the project, taking it through to production in the fourth quarter of this year.
African Minerals previously stated the cost of stage one was expected to be US$1.1 billion.
Already, US$380 million has been spent on the project. The new secured loan facility increases the company’s available funds to US$836 million.
Frank Timis, African Minerals executive chairman, said: “The US$770 million of funds raised through the recent equity and debt issues underline a growing investor confidence in the prospects of both African Minerals and for the country, the people and the government of Sierra Leone.”
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