IMIC Intl Min&IN Crp

TIDMIMIC

RNS Number : 2964F

Intl Mining & Infrast Corp PLC

19 February 2015

19 February 2015

INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC

("IMIC" or the "Company")

Appointment of Consultant

International Mining & Infrastructure Corporation plc (AIM: IMIC), the company focused on unlocking the value of African iron ore, is pleased to announce that it has appointed Venture Development Partners Limited ("VDP"), represented by Graeme Hossie and colleagues, as a consultant to the Company with immediate effect in connection with fundraising initiatives and key strategic developments.

Under the terms of engagement signed between VDP and IMIC (the "Terms of Engagement"), Mr Hossie, a beneficial owner of VDP, will act as Principal Consultant and Special Advisor to the Chairman of the Company. Mr. Hossie will be assisted by a specific, core team within VDP, which will be exclusively assigned to assist IMIC in executing its business plan.

In his role, Mr Hossie will provide support to the Company's Chairman on matters related to financing structures, fundraising initiatives, including the recently announced China fundraising being led by CITIC Securities, and the strategic development of IMIC's projects in Cameroon in line with IMIC's existing strategy.

With a proven track record of developing iron ore projects from exploration to production, Mr Hossie has vast experience in the African iron ore sector. In 2005 he co-founded and served as Chief Executive Officer of London Mining, a former AIM listed iron ore producer. He drove the overall development of that company from inception, including building and expanding the group and mining projects, capital raising, establishing offtake and strategic relationships, completing feasibility studies, and project financing leading to a producing mine at the Marampa project in Sierra Leone. He also developed a similar project in Brazil which was subsequently purchased by Arcelor Mittal in 2008. Mr Hossie established relationships in the resource industry through his previous involvement in a venture development consultancy and private equity. Prior to that, he was a management consultant with Bain and Company in London.

VDP will receive a fixed monthly retainer under the Terms of Engagement and will also receive commissions on funds which it introduces to IMIC.

Ethelbert Cooper, IMIC's Chairman, commented: "I am delighted that Graeme and his VDP associates will be working with IMIC. Graeme brings a wealth of valuable experience and is one of the few individuals to have developed and managed an iron ore mine in West Africa from exploration through to well-established production, introducing a number of innovative financing techniques in the process. I look forward to working with VDP as we continue with the development of IMIC's exciting vision in African iron ore."

For further information, please contact:

 
 International Mining & Infrastructure Corporation           www.imicplc.com 
  plc 
 Ethelbert Cooper, Chairman 
  Haresh Kanabar, Chief Financial Officer               +44 (0) 20 7290 3340 
 Strand Hanson Limited - Financial & Nominated        www.strandhanson.co.uk 
  Adviser                                               +44 (0) 20 7409 3494 
  James Spinney / Ritchie Balmer / James 
  Bellman 
 Pareto Securities Limited - Sole Broker                   www.paretosec.com 
  Guy Wilkes / Will Slack                               +44 (0) 20 7786 4370 
 Buchanan                                                www.buchanan.uk.com 
  Mark Court / Sophie Cowles                            +44 (0) 20 7466 5000 
 

About IMIC

IMIC's strategy is, in conjunction with its partner AIOG, to develop fundable solutions to infrastructure provision for iron ore resources in West and Central Africa. In support IMIC will seek to acquire interests in iron ore projects that would benefit from a specific infrastructure solution. IMIC made its first investment with the Dec 2013 acquisition of Afferro Mining Inc, taking ownership of four iron ore deposits in Cameroon, the most advanced asset being Nkout. IMIC plans to continue to develop its assets, including accelerating the feasibility studies of the smaller Ntem deposit, which is located only 80km from Kribi deep water port.

IMIC's focus will initially be on iron ore opportunities in West and Central Africa. The demand for iron ore is currently being driven by China which consumes approximately 70 per cent. of the world's current annual production. As the urbanization of China continues demand for iron ore is expected to remain at significant levels through to 2030. The iron ore projects currently identified in West and Central Africa have the potential to produce at least 400 million tonnes of iron ore each year. This would establish Africa as a global player, alongside Australia and Brazil, in the iron ore industry.

In order to help deliver its infrastructure solutions, IMIC and AIOG have established strategic partnerships with various Chinese state owned companies. These companies are involved in railway and port construction, power, iron ore beneficiation and iron ore marketing. These relationships are intended to give IMIC and AIOG the ability to work with relevant governments and financial institutions to deliver infrastructure solutions and to guarantee the onward sale of iron ore in China.

IMIC shares are traded on the London Stock Exchange's AIM market under the ticker symbol IMIC.

This information is provided by RNS

The company news service from the London Stock Exchange

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