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African Minerals swings into profit - News in Sierra Leone
African Minerals swings into profit
Published On : 2014-04-03 01:35:09
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LONDON, April 3 (Reuters) - Sierra Leone-focused miner African Minerals posted on Thursday annual core profit of more than $200 million, compared to a loss the previous year, as the miner continues to ramp up iron ore production.



The company said it was targeting sales of 16-18 million tonnes with an expected average cash cost of $34-36 per tonne in 2014.



African Minerals is aiming to reach a stable production run rate of 20 million tonnes sometime this year while reducing cash costs to approximately $30 per tonne.



The miner posted earnings before tax, depreciation and amortisation (EBITDA) of $203 million from revenue of $869 million for the year ended on Dec. 31.


(Reporting by Stephen Eisenhammer; Editing by Silvia Antonioli)




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