Vimetco subsidiary Sierra Minerals updates mining lease agreement

Wed, 08/01/2012 - 11:07

Amsterdam, 1 August 2012 – Vimetco NV (LSE: VICO), the global producer of primary and processed aluminium products, today announces its bauxite producing subsidiary, Sierra Minerals Holdings Limited (SMHL), has signed an updated Mining Lease Agreement (MLA) with the Government of Sierra Leone. Under this agreement the Company’s Mining Lease, of 321 square km in the Mokanji area of Sierra Leone, will be granted for a period of 20 years from the effective date, while the perimeters remain the same.

The updated MLA brings SMHL up to date with the latest legislation in the mining and minerals field in Sierra Leone.

“Vimetco is determined to continue its vertical integration strategy, focusing on securing all necessary raw materials for the entire production chain”, said Gheorghe Dobra, CEO of Vimetco. “This agreement is yet another confirmation of our commitment to further developing our business from a sound and strong base.”

Acquired in 2008, the bauxite mine in Sierra Leone has a resource base of approximately 31 million tonnes and produced over 1.3 million tonnes of bauxite in 2011, up from 1.05 million tonnes in 2010.

 

For further information please contact: 

Florenta Ghita
Premium Communication
Bucharest
Phone +40 (0)21 411 01 52
Email florenta.ghita@premiumpr.ro   

             

About Vimetco

Vimetco N.V. is a global, vertically integrated producer of primary and processed aluminium products with major production assets in China, Romania and  Sierra Leone a holding company in The Netherlands. Vimetco NV controls production of up to 1.1 million tons of electrolytic aluminium, 340,000 tons of processed  aluminium products, 600,000 tons of  alumina, 1.7 million tons of bauxite, 2.25 million tons of coal,  7.9 million MWh of electricity and 318,000 tonnes of baked anodes per year. Vimetco’s global depositary receipts are listed on the London Stock Exchange (LSE:VICO). www.vimetco.com