London-listed Africa-focused mining giant African Minerals Ltd (AML) has announced its financial and operational results for the first six months ended on June 30.
In the first half of 2012, African Minerals posted an operating loss of $140.5 million, compared to an operating loss of $26.5 million registered in the corresponding period of the previous year. The company attributed the substantial increase in operating loss to transaction costs and other professional fees ($86.9 million), including costs in relation to its transaction with China's Shandong Iron and Steel Group.
In the given period, the company exported 2.6 million mt of iron ore from its Tonkolili project in Sierra Leone. The production capacity is expected to reach 20 million mt per year in the second quarter of 2013, increasing from 5 million mt per year.