African Aura Mining appoints Severstal executive board member as non-exec director

African Aura Mining (AIM: AAAM, TSX-V: AUR) has announced the appointment of head of strategy and corporate development at Russian steel and mining giant Severstal, Boris Granovsky, as a non-executive director of the company.

Severstal holds a 4.72% stake in African Aura through its subsidiary Lybica Holdings B.V. Severstal’s investment provided for US$15 million cash being injected into the joint venture company, now renamed Severstal Liberia Iron Ore Ltd, as well as an additional US$15 million debt facility, which will be used for specific advancement towards a definitive feasibility study.

Granovsky is responsible for defining the iron ore and coking coal strategy for Severstal Resources, origination and execution of M&A transactions, greenfield projects and partnerships. He is a member of the Severstal Resources' Executive Board and a member of the Board of Directors for several portfolio companies and joint ventures.

“We are very pleased to further cement our relationship with Severstal by having Boris join our board. It reaffirms our joint venture partner's commitment to the Putu iron ore project as we seek to build on our already substantial 1 billion tonnes inferred resource,” said president and chief executive of African Aura, Luis da Silva.

Severstal owns mining assets in Russia and in the US, thus securing its supplies of raw materials.  Its enterprises are located in Russia, Ukraine, Kazakhstan, United Kingdom, France, Italy, United States and Africa. In 2008, Severstal produced 19.2 Mt (million tonnes of steel), while its revenues amounted to $22.4 billion and EBITDA (earnings before interest, taxes, depreciation and amortisation) was US$5.4 billion with EPS (earnings per share) of US$2.2.  http://www.proactiveinvestors.co.uk/companies/news/12420/african-aura-mining-appoints-severstal-executive-board-member-as-non-exec-director-12420.html