African Min. Share Discussion Threads

[earnestwipplethwaiteiii] 26/11/2014 10:12

READ MY LIPS: IT'S NOT TRADING, THERE HAS BEEN NO NOTICE OF LIFTING OF SUSPENSION. THEY'RE JUST LEFTOVER TRADES FROM BEFORE LAST THURSDAY.

[broncowarrior] 26/11/2014 10:05

4.7bn of debt, what a clown. Why is this now trading again?

[casual47] 26/11/2014 09:55

sounds like whoever wrote this didn't know whether he was coming or going. Shoddy. Full of inaccuracies as well....

[21trader] 26/11/2014 09:53

So there's trades going through in a suspended stock ???

[kirk 6] 26/11/2014 09:51

Sounds like its a done deal to sell partial stake to stay afloat?

[kirk 6] 26/11/2014 09:50

Leading iron ore mining firm in S/Leone to sell off its stake to stay afloat -sources
Posted by: APA Posted date : November 25, 2014 at 7:28 pm UTC 95 views In: business

The leading iron ore miner in Sierra Leone, African Minerals Limited (AML), is to sell part of its stake in its flagship mine in the country, as a result of the effect of the Ebola epidemic on the business climate of the country, sources say here Tuesday.
AML owns 75 percent of the Tonkolili mine, part of which it intends to sell. A Chinese firm, Shandong Iron and Steel, owns the remaining 25 percent.

The Tonkolili mine is situated in the Tonkolili District in northern Sierra Leone. Some sources however say the company is selling its shares so as to meet pressing financial demands required to stay afloat.

The last few months have seen a 48 percent drop in the price of iron ore and, coupled with high cost of operations resulting from the epidemic, AML is said to have accrued a huge debt, estimated atUS$4,790 million.

According to reports, the decision to sell its shares came when AML failed to agree on payment terms its Chinese partner.

Because of these and many other factors, the miner`s shares were suspended on the London Stock Exchange.

Many businesses, particularly those involved in mineral resources extraction, have either rounded up their activities or suspended them in response to the epidemic.

London Mining, the second largest miner after African Minerals, recently sold off its Sierra Leone investment to a subsidiary of African Minerals after it was heavily hit by the effect of the disease.

News of African Minerals’ latest decision therefore did not come as a surprise to many.

[w1ndjammer] 25/11/2014 19:36

oops looks like the mm`s found 192k down the back of the sofa, at least they went for 10p

WJ.

[warwick69] 25/11/2014 16:19

at the rate iron ore prices are collapsing all iron ore companies will be in the poo soon even the big guns down again today another 2.5% or so major headache for all concerned and the real problem here...

[w1ndjammer] 25/11/2014 16:12

so 12.8Bnt JORC Compliant ore resource defined , who want`s to give us 10 cents per ton that alone would be $1.28 billion

WJ.

[warwick69] 25/11/2014 15:57

OUR VALUE IN CAPE LAMBERT IS WORTH 1.8P OF THE CURRENT SHARE PRICE 11.5 MILLION AUS$ SO THE ENTIRE VALUE OF REST VOF BUSINESS IS 27 MI;LLION £ PLUS WE MUS SURELY GETY REAL VALUE AS SHAREHOLDERS EVEN IN ADMIN AS WHOLE SHOOTING MATCH MUST BE WORTH MORE THAN THE TOTAL DEBT THATS WHY THIS SHOULD BE SORTED.... LOND WAS WIORTH LESS THAN DEBT...

[warwick69] 25/11/2014 15:27

What's our value in Cape worth why can't we sell that stake on the open market or are Cape not listed ??Must be worth a few bob if Cape can fund LOND purchase ?

[humbugg] 25/11/2014 15:24

miami,
makes you wonder.....

[miamisteve] 25/11/2014 15:21

FT bought LONDON MINING for $70m. $20m loan from Cape Lambert and $50m from somewhere else.

[johnwalton] 25/11/2014 15:17

ft will let them have it back
but it will cost.

[broncowarrior] 25/11/2014 15:04

Could AMI do with that 50mm now? F yeah.

[w1ndjammer] 25/11/2014 13:32

Maybe Mike Jones got fed up with that journo following him around and changed his email address .

WJ.

[hdb] 25/11/2014 13:14

If you don't think that Mike Jones has left then just try sending him an email at [e-mail] will get an auto reply saying Mike Jones is no longer with African Minerals If you contact the CFO Mathew Hird you will get a secretary who responds with no helpful information and would not confirm who decided AMI was to be suspended ?? The $50 M story .... If you search financial times and african minerals you will see articles that suggest they have one reporter who has been chasing this story for some time.

[earnestwipplethwaiteiii] 25/11/2014 11:22

I read the other day on another board that Mike Jones moved to Timis Corp. Could it be simply that Timis Corp and AMI share the same IR?

[nosnibord] 25/11/2014 11:05

Just goes to show how many liars are on these boards.

[w1ndjammer] 25/11/2014 10:50

Miami

for anyone to reply its not over just yet, would employ there is a great possibility that it could be all over....

And NO, RNS has stated little or no value for shareholders " FACT "

WJ.

[miamisteve] 25/11/2014 10:46

called the company. The receptionist today was nice, yesterdays grumpy. She wasnt able to get me through to anyone but she said she will personally print out my email and hand deliver it to .... wait for it.... Mike Jones.

So I inquired about MJ and he has not left the company, and hasnt even gone on holiday so for what its worth the conspiracy theories relating to him are wide of the mark.

[miamisteve] 25/11/2014 10:28

newsweller - I may try again, but I noticed on the lse board that many others had tried and no one got passed the receptionist.

That is obviously a very bad sign when they start putting a wall up to shareholders and enter a self preservation mindset. I think those guys now are just worried about if they will get paid end of the month and if they can wrangle a job at timis corp or whatever manifestation scoops this up. What would it have taken to say, its not over just yet, we are still working on something but can't say more at this point.

[earnestwipplethwaiteiii] 25/11/2014 09:44

After an internal AMI investigation, there was no conclusion reached on the $50m. Clearly HDB wishes to believe the worst.