London-listed Africa-focused miner African Minerals has announced that production ramp-up is continuing satisfactorily at its Tonkolili iron ore mine in Sierra Leone, remaining on track to deliver a sustainable production rate of 20 million mt per year during the second quarter of 2013.
The company stated that shipping, which was temporarily suspended at the end of August due to elevated moisture levels, recommenced as of October 7 with the inclusion of material from the newly commissioned wet process plant, and that shipments in 2012 are expected to be at the lower end of previous guidance of 5-6 million mt.
Additionally, African Minerals is in advanced discussion with South Africa's Standard Bank for a new equipment financing facility of approximately $90 million.