a long article but some very usefull info including
"The company will further fund in excess of about US$4 billion to bring the project into production".
"We are planning to establish a Mines College in Sierra Leone in the next five to seven years"
AML has successfully conducted a comprehensive countrywide exploration program including airborne geophysics and multi-element stream sediment survey, and has already presented a comprehensive map to government. The Iron Ore project has identified numerous high priority exploration targets including two significant Iron Ore targets, Tonkolili and Marampa extension, Multi-rig intensive core drilling program at Flagship Tonkolili iron ore project targeting 100,000m drilling.
AML has intensified the construction of in excess of 186km of state of the art heavy haul railroad, specialized rail workshops to service and maintain a large rolling stock fleet and track maintenance fleet, and creation of third party access opportunities.
AML will construct a new dam with existing 50 MW capacities and an additional latent capacity to 160 MW and a Hydro-power cost 3-5c /kW.
The company recently received a locomotive engine that will be instrument towards the construction of a standard rail. Two more locomotive engines are expected by January 2011. AML hopes to operate with a total of seventeen locomotive engines during mining.
Mining will commence by December after the company would have prepared two stockyards and refurbished a loader.
The construction of the World's third largest port in Sierra Leone by African Minerals will serve as a significant infrastructure development underpinning additional broad spectrum business opportunities. (Tagrin ?)
These successes were commended by the Head of Delegation, John Bestman. He told this press that they are very impressed to see lots of work being done by AML in a very short time. He noted that they are hoping to see such a project being replicated in Liberia. "We have an oil exploration company in Liberia called African Petroleum* We hope they will follow the good step of African Minerals," the former Bank Governor of Liberia said.
* African Petroleum - see Frank and Tony about that one :)
CFE Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
(20min delay)