African Minerals Limited confirmed receipt in full of the expected $1.5 billion cash consideration from Shandong Iron & Steel Group Co. Ltd. (SISG) further to the company's announcement of 30 March 2012, whereby SISG acquired a 25% shareholding in the mine, rail and port and power subsidiaries comprising the AML Tonkolili iron ore project in Sierra Leone. The company also confirms that it has transferred from the consideration $417.7 million to Standard Bank in settlement of the Secured Loan Facility and $65.2 million in interest and other charges to the company. The $1,017.1 million remainder of the consideration will be available for use by the project companies, and will principally be used to accelerate the development of Phase II, and the expansion and further development of the Tonkolili project. The company also confirmed the appointment of Mr. Cui, Vice President of SISG, as a director of AML following his previously announced nomination upon the completion of the transaction. Mr. Cui holds the following directorships: Shandong Iron & Steel Group Mining Co., Ltd; Shandong Steel International Investment Limited; Shandong Steel Hong Kong Resources Limited; and Shandong Ocean Investment Co. Ltd.