As part of the 20 million tonne per annum Tonkolili Phase 1 expansion AML is currently in advanced discussions in order to secure financing to fund this growth on the most attractive commercial terms. These discussions include refinancing the existing USD 417 million secured loan facility, with bank debt on improved and less restrictive terms.

Separately, progress towards the completion of the planned USD 1.5 billion investment by Shandong Iron and Steel Group is continuing and we remain highly confident of a successful conclusion to that process.

A further announcement in relation to this financing will be made in due course.

The Company is also pleased to confirm that the butterfly stacker at the port is now in operation.