TIDMSBLM
RNS Number : 0890D
Sable Mining Africa Limited
26 January 2015
Sable Mining Africa Ltd / Index: AIM / Epic: SBLM / Sector:
Natural Resources
26 January 2015
Sable Mining Africa Limited ('Sable Mining' or 'the
Company')
Agreement to Utilise Established Rail Corridor to Port of
Buchanan
Sable Mining Africa Ltd, the AIM listed iron ore exploration and
development company, is pleased to announce that West Africa
Exploration S.A. ('WAE'), its 80% subsidiary, has signed an
Infrastructure Development Agreement ('IDA') with the Government of
Liberia relating to the development, ownership rights, financing,
use and operation of rail and port infrastructure in the Republic
of Liberia necessary to facilitate the export of iron ore from the
Company's flagship asset, the Nimba Iron Ore Project in south-east
Guinea ('Nimba' or the 'Project'), through Liberia utilising the
established rail line from Yekepa to the Port of Buchanan. A press
release prepared by the Government of the Republic of Liberia is
published below.
Overview:
-- Landmark agreement signed between the Government of Liberia
and WAE, for a 25 year IDA relating to the export of Guinean-based
natural resources through Liberia to the Port of Buchanan from
Nimba.
-- Provides a framework for (amongst other matters):
o the granting and obtaining of additional rights necessary to
implement the Liberian aspects of the Project; and
o the rehabilitation and expansion of the existing rail corridor
from Yekepa (30km from the Project), to the Port of Buchanan.
-- In the context of the Project's development, signing of the
IDA complements and builds upon the grant of Mining Licence and
Export Decree by the Government of Guinea in September and October
2013, respectively (which authorise WAE to mine iron ore from Nimba
and export through Liberia to the Port of Buchanan).
Sable Mining Chief Executive Andrew Groves said, "The signing of
this IDA is truly a momentous occasion for Sable Mining and the
countries of Guinea and Liberia and is the result of many months of
hard work by the Company, its partners, and numerous Government
ministers, staff and representatives in both Liberia and Guinea. I
wish to thank all those parties involved, and especially Her
Excellency the President of the Republic of Liberia, Ellen Johnson
Sirleaf, and His Excellency the President of Guinea, Alpha Condé,
who have both had the vision to recognise and champion the
importance of regional co-operation to facilitate resource and
economic development for the benefits it will bring to both of
their countries.
"The significance of the IDA will be felt across the West
African region, as it paves the way for the development of Nimba
which, when in production, will generate significant revenue,
employment opportunities and tax income. The spirit of co-operation
between these two countries has not only meant a defined
development path can be put in place for this strategic asset but
also provides a clear signal to other international enterprises
that the Mano River Union region is an attractive investment
destination.
"On a project specific basis, the use of Liberian based
infrastructure for export means that, compared to its peer group,
Nimba's capex requirement is greatly reduced. Nimba has
demonstrated itself to be a unique iron ore asset with excellent
commercial potential even during periods of depressed spot prices.
It is high grade, high tonnage DSO and has simple mining and
processing methods. Nimba therefore displays many of the key
attributes which position it as an attractive asset to move through
to production in the near term. These key differentials, coupled
with an established export solution and the support and
co-operation of both the Government of Liberia and the Government
of Guinea, clearly distinguishes Nimba as a high priority target
for investment and development."
Press Release - Government of Liberia
GOVERNMENT OF LIBERIA SIGNS AGREEMENT WITH SABLE MINING AFRICA
LIMITED FOR THE TRANSHIPMENT OF MINERALS FROM GUINEA THROUGH THE
PORT BUCHANAN
On Friday, January 23rd, 2015, the Government of Liberia (GoL)
represented by the Chairman of the National Investment Commission
and other Government representatives of the Inter-Ministerial
Concession Committee (IMCC), which includes the Minister of Lands,
Mines & Energy, the Minister of Transport, the Minister of
Finance & Development Planning, the Minister of Justice and the
office of the legal advisor to the President, and West Africa
Exploration SA (WAE) / Sable Mining Africa Limited (Sable Mining)
signed a twenty-five (25) year Infrastructure Development Agreement
(IDA) for the export of Guinean-based natural resources through
Liberia, from WAE's Mount Nimba project.
The Government, represented by the Chairman of the IMCC, Hon.
George G. Wisner, believes that the signing of an IDA represents an
historic moment in a process which dates as far back as July 14,
1973 when Liberia and Guinea first signed a protocol paving the way
for a transshipment of minerals between the two countries. The
total anticipated investment in WAE's Mount Nimba project is valued
at about 1.3 Billion United States Dollars (USD) over a twenty five
year period. WAE/Sable Mining will invest USD300M in the first 5
years of its initial program and thereafter 1Bn in the remaining
years of its operation.
WAE is expected to begin implementation in 2015 as soon as
practicable after the IDA is consummated by the National
Legislature. Thereafter, as necessary, WAE will rehabilitate and
expand the existing rail corridor from the Yekepa to the Port of
Buchanan in keeping with the use of third party access rights
between the Government and Arcelor Mittal Liberia. WAE will also,
in due course, construct a new section of railway line from Guinea
to Tokadeh to Yekepa to join the existing railway in Yekepa.
Following the ratification and publication of the agreement into
law, WAE will pay a signature fee of USD250,000. On an annual
basis, commencing on the first anniversary of the "Date of First
Commercial Operations", WAE shall make an annual contribution to
the Government to a social fund for the affected counties (the
annual amount of this contribution being not less than USD2.5M. WAE
will also pay to the GoL a variable annual concession fee for the
transshipment of iron-ore products through Liberia - once exports
commence - ranging from USD1.5M to USD5M per annum (based on
tonnages exported ranging from OM/ton to 10M/ton per annum) and
will pay all other taxes and duties as set out in a fiscal
agreement between the GoL and WAE.
In keeping with the Agenda for Transformation (AfT) and the
Economic Recovery Plan (ERP), the Government has ensured that the
IDA socially obligates WAE, to - among other things - give first
priority to qualified Liberians in terms of employment, help
improve access to education and health care, give preference to
Liberian suppliers in terms of procurement, and obey the
Environmental Laws of Liberia.
The GoL also wishes to acknowledge that the agreement seeks to
affirm the Mano River Union (MRU) declaration which aims to expand
economic development through enhanced regional cooperation and
cross border trade.
**ENDS**
For further information please see the Government of Liberia's
Official Online Portal
(http://www.micatliberia.com/index.php/blog/latest-news/2368-liberia-sable-mining-sign-1-3b-ore-deal.html)
or www.sablemining.com or contact:
Andrew Groves Sable Mining Africa Tel: 020 7408
Ltd 9200
David Foreman Cantor Fitzgerald Tel: 020 7894
Europe 7000
Stewart Dickson Cantor Fitzgerald Tel: 020 7894
Europe 7000
Richard Greenfield GMP Securities Tel: 020 7647
2836
Susie Geliher St Brides Partners Tel: 020 7236
Ltd 1177
Charlotte St Brides Partners Tel: 020 7236
Heap Ltd 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRDDGDBGDDBGUU
Sable Mining (LSE:SBLM)
과거 데이터 주식 차트
부터 3월(3) 2025 으로 3월(3) 2025
Sable Mining (LSE:SBLM)
과거 데이터 주식 차트
부터 3월(3) 2024 으로 3월(3) 2025
