African Minerals : Shandong Iron and Steel acquire AML’s 75 per cent stake in the Tonokilli Iron Ore mine in Sierra Leone.

Re: African Minerals Limited (in administration) ("AML" or "the Company")

London, 20 April. 2015

Shandong Iron and Steel ("Shandong") has today announced that it has acquired AML's 75 per cent stake in the Tonkolili Iron Ore mine in Sierra Leone and that it now owns 100 per cent of the equity of Tonkolili Iron Ore (SL) Limited and the associated infrastructure company African Port and Railway Services (SL) Ltd.

The Administrators understand that Shandong has acquired AML's interest in those project companies through an enforcement sale over AML's shares in intermediate holding companies and that this sale was implemented by Madison Pacific Trust, as security agent under the group's pre-export finance facility, on the instructions of Shandong Steel Hongkong Zengli Ltd, the secured lender under that facility.

In conjunction with their legal advisers, the Administrators are continuing to investigate the circumstances of the sale with a view to ensuring that AML's interest has been dealt with properly, according to the law.

Ian Colin Wormleighton and Neville Barry Kahn were appointed Joint Administrators of African Minerals Limited and African Minerals Engineering Limited ("the Companies") on 26 March 2015. The affairs, business and property of the Companies are managed by the Joint Administrators. The Joint Administrators act as agents of the Companies and contract without personal liability.