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PrintAfrican Minerals (LON:AMI) today confirmed that the Tonkolili iron ore mine in Sierra Leone will have a capacity of 15 million tonnes per annum (Mtpa) rather than 12 Mtpa.
However it also revealed that phase one of the project will now cost an additional US$284 million – including US$132 million to increase capacity - on top of the original cost of $1.1 billion.
AMI also revised its sales outlook for the mine’s ramp up period. It now expects to sell 1.2 million tonnes of direct shipping ore this year (cut from 2.5 million tonnes) while next year it expects to sell 12 million tonnes (up from 10 million tonnes).
Tonkolili is still on course to deliver its key development milestone, of first ore on ship (FOOS), in the fourth quarter of this year. To achieve this AMI expects to commission its rail link from the mine by the end of September.
Today it confirmed that excavation and civil works for the railway and the port stockyard are complete now complete. This has effectively de-risked from any adverse effects of the rainy season.
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