African Min. Share Discussion Threads

[nosnibord] 28/11/2014 15:57

That artical is probbly ritten by a bord member

[casual47] 28/11/2014 15:34

AMI would need shareholder approval for the sale of part of its 75% share, right? So an EGM would need to be organised etc before any of that can happen?

I think we can rule out SL Gov't taking a share -- they just don't have the money for it.

[w1ndjammer] 28/11/2014 14:39

sounds like that article was written as part of a school project, may well be on the money though.

WJ.

[newswseller] 28/11/2014 14:25

I think it's bad English, shares should be a stake.. So offer some of AMLs 75% stake to someone else.TBH I don't care who ends up with the project company, just would like some closure now

[kirk 6] 28/11/2014 14:13

newsletter doesn't FT mean issue new shares to potential new stakeholder? I don't think he is talking about his 42m shares

[gazza102] 28/11/2014 14:07

Well i might name the dog Frank. Does sound alot more positive. I hope they would get it done sooner rather than later. What are they waiting for Christmas!!!

[kirk 6] 28/11/2014 14:03

if they are daughters they will have to be called Francesca

[newswseller] 28/11/2014 14:03

So FT is willing to offload his stake? to raise the funds?

[newswseller] 28/11/2014 14:02

It sounds very odd to me:

According to investigation carried out, alleged that Shandong Iron and Steel in a clever way wants to buy out AML in the Tonkolili project and they believe that by refusing to sign the release of the $102 million, they will push AML selling their stake to them.
It is due to this alleged plot that Frank Timis is ready to sell shares to any other company rather than Shandong so AML can restore its confidence in the London stock exchange and he too will push to buy out Shandong Iron and Steel.

[sweepie2] 28/11/2014 14:01

or Frankie

[kirk 6] 28/11/2014 13:58

newsletter you beat me to it. Sounds very encouraging may be we can re-put our trust in Timis. If we can I will name all my future sons Frank.

[kirk 6] 28/11/2014 13:57

Sierra Leone News: AML, Shandong Iron in Game of Thrones


Frank TimisAfrican Minerals Ltd (AML) and Shandong Iron and Steel are engaged in a financial row that has pushed AML to put up some of its shares on the market. The row between the two resembles the TV series Game of Thrones is an HBO adaptation of American author George R.R. Martin’s epic fantasy novel series published by HarperCollins, A Song of Ice and Fire.
According to investigations carried out, AML is the majority shareholder of the Tonkolili Iron Ore Project with 75 percent shares while Shandong Iron and Steel holds 25 percent. AML is listed in the London Stock Exchange where its capital should not be below $50 million. Shandong Iron and Steel is listed in the Hong Kong Stock Exchange where they are doing fine.
AML has been suspended from the London Stock exchange because its account has gone far below the $50 million mark which has pushed the company to ask for the $102 million belonging to the Tonkolili Iron Ore project. Both companies had agreed for this reserve to be activated so that AML can restore their confidence in the London Stock Exchange, but after AML has signed, Shandong Iron and Steel refused to sign the document.
According to reports, because AML wants to restore confidence in the stock exchange, they have decided to put up some shares for sale so they can raise funds to stabilize the company. Speaking to the Director of Communications of AML, Anthony Navo, said AML is not bankrupt as the company is viable and they have all right to sell shares if they want to raise funds. He said every worker is receiving salaries and just few weeks ago, the Executive Chairman of AML PLC Franck Timis rescued London Mining by buying them over.
He said they row they have with Shandong Iron and Steel is minor because AML is the majority shareholder with 75 percent and they have more say in the company. He said he is optimistic that the problem will be solved soonest.
According to investigation carried out, alleged that Shandong Iron and Steel in a clever way wants to buy out AML in the Tonkolili project and they believe that by refusing to sign the release of the $102 million, they will push AML selling their stake to them.
It is due to this alleged plot that Frank Timis is ready to sell shares to any other company rather than Shandong so AML can restore its confidence in the London stock exchange and he too will push to buy out Shandong Iron and Steel.
It is reported that both companies are trying to find a way out in this ugly situation so that sanity will return.
Presently, the Ebola virus has affected production as well as the low cost of Iron in the market, which has a telling effect on the business.
According to reports from Timis Corporation that owns London Mining,, the takeover of the mines is going on smoothly as it has no effect on the AML row with Shandong. Speculations are rife that it is because of the takeover of London Mining by Frank Timis that has prompted Shandong Iron and Steel to refuse to release the reserve both companies have, because they see it as an opportunity to increase their shares in the Tonkolili mines or buy it from AML. Timis Corporation is also stressing the point that AML is not bankrupt as the company is viable and it is doing fine. as they want to put the record straight.

[newswseller] 28/11/2014 13:56

P.S. the other thing i posted, sounds like its an internal company email. Over on LSE someone else claims that Tavistock have said its an internal email from Q1 this year..

[newswseller] 28/11/2014 13:55

Bizarre article

hxxp://awoko.org/2014/11/28/sierra-leone-news-aml-shandong-iron-in-game-of-thrones/

Sierra Leone News: AML, Shandong Iron in Game of Thrones

Frank TimisAfrican Minerals Ltd (AML) and Shandong Iron and Steel are engaged in a financial row that has pushed AML to put up some of its shares on the market. The row between the two resembles the TV series Game of Thrones is an HBO adaptation of American author George R.R. Martin’s epic fantasy novel series published by HarperCollins, A Song of Ice and Fire.
According to investigations carried out, AML is the majority shareholder of the Tonkolili Iron Ore Project with 75 percent shares while Shandong Iron and Steel holds 25 percent. AML is listed in the London Stock Exchange where its capital should not be below $50 million. Shandong Iron and Steel is listed in the Hong Kong Stock Exchange where they are doing fine.
AML has been suspended from the London Stock exchange because its account has gone far below the $50 million mark which has pushed the company to ask for the $102 million belonging to the Tonkolili Iron Ore project. Both companies had agreed for this reserve to be activated so that AML can restore their confidence in the London Stock Exchange, but after AML has signed, Shandong Iron and Steel refused to sign the document.
According to reports, because AML wants to restore confidence in the stock exchange, they have decided to put up some shares for sale so they can raise funds to stabilize the company. Speaking to the Director of Communications of AML, Anthony Navo, said AML is not bankrupt as the company is viable and they have all right to sell shares if they want to raise funds. He said every worker is receiving salaries and just few weeks ago, the Executive Chairman of AML PLC Franck Timis rescued London Mining by buying them over.
He said they row they have with Shandong Iron and Steel is minor because AML is the majority shareholder with 75 percent and they have more say in the company. He said he is optimistic that the problem will be solved soonest.
According to investigation carried out, alleged that Shandong Iron and Steel in a clever way wants to buy out AML in the Tonkolili project and they believe that by refusing to sign the release of the $102 million, they will push AML selling their stake to them.
It is due to this alleged plot that Frank Timis is ready to sell shares to any other company rather than Shandong so AML can restore its confidence in the London stock exchange and he too will push to buy out Shandong Iron and Steel.
It is reported that both companies are trying to find a way out in this ugly situation so that sanity will return.
Presently, the Ebola virus has affected production as well as the low cost of Iron in the market, which has a telling effect on the business.
According to reports from Timis Corporation that owns London Mining,, the takeover of the mines is going on smoothly as it has no effect on the AML row with Shandong. Speculations are rife that it is because of the takeover of London Mining by Frank Timis that has prompted Shandong Iron and Steel to refuse to release the reserve both companies have, because they see it as an opportunity to increase their shares in the Tonkolili mines or buy it from AML. Timis Corporation is also stressing the point that AML is not bankrupt as the company is viable and it is doing fine. as they want to put the record straight.
Friday November 28, 2014

[kirk 6] 28/11/2014 13:15

yes agreed it certainly sounds like its aimed at the employees however adds a slight positive to the whole issue.

Actually hoping there is no rns today now as Friday isn't the best day. Lets wait till Monday and iron ore price rising so thing maybe looking up.

[sweepie2] 28/11/2014 13:06

Casual47
Believe you have hit the nail on the head

[casual47] 28/11/2014 09:46

The Ebola protocol info could have been a leaked internal email, of course. It does read like they are addressing their employees rather than the market.

Perhaps posted by an employee....

[kirk 6] 28/11/2014 09:40

THE iron ore price has enjoyed a rare positive trading day, surging 2.5 per cent in overnight trade as mining giant Vale tipped a recovery in the commodity’s value.

At the end of the latest offshore session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US69.70 a tonne, up 2.5 per cent from its previous close of $US68 a tonne, which was a five-year low.

Prices however remain 50 per cent below where they were at the start of the year and the commodity is still on track for a fourth straight week of falls after an October rally led it briefly back above $US81 a tonne.

The latest rebound came as key iron ore supplier Vale promoted expectations the iron ore price could return to an average range of $US85 to $US90 a tonne next year.

“There was a lot of volatility in prices this year and the market is undershooting at the moment and this will bring about a correction,” Vale boss Murilo Ferreira said, according to Bloomberg.











“This correction will come through the closure of many inefficient miners of high cost and poor quality iron ore.”

Despite the overnight gains BHP Billiton lost 2.4 per cent in London trade overnight, hurt by its exposure to oil markets as crude tumbled to a new four-year low.

Rival Rio Tinto fared better, with its UK-listed stock adding 0.3 per cent.

[casual47] 28/11/2014 09:34

Agreed. No link = didn't happen, even with link it needs a huge chunk of salt as some of the sources are not exactly reputable.

In any case, a detailed google search doesn't return any results for this supposed Ebola update.

[cantrememberthis2] 28/11/2014 09:28

Sounds like rubbish and a made up article

[w1ndjammer] 28/11/2014 09:06

Thanks newswseller

that sounds more positive.

WJ.

[newswseller] 28/11/2014 07:52

Today we have activated the next stages in AML's Ebola protocol to level 4. This next stage of the Ebola protocol requires us to temporally demobilise Non-Essential personnel. This action will reduce the number of personnel on site and therefore reduces the potential of contact and therefore assist in the management and control of Ebola. Whilst AML is undergoing difficult times due to unpredicted falls in iron ore pricing, you may all be assured your leadership team is expending every effort and resource to facilitate a positive and sustainable outcome for a prosperous future for AML, it's Contractors, all of the Employees and importantly the people of Sierra Leone. I wish to be very clear and extinguish the rumours of demobilisation for lack of financial abilities to pay salaries and charters. To be very clear the business has sufficient funds to continue to pay salaries to ALL site personnel as well as to continue to provide charter aircraft to move our personnel into and out of Sierra Leone. Saw the above posted on discuss the market, whether its true or not who knows?

[casual47] 27/11/2014 12:29

Looks like African Minerals employees are still very much keen on their jobs:

"Filipino employees of companies in Liberia, Sierra Leone or Guinea who already complied with the quarantine procedure by the World Health Organization (WHO) should be given exemption from the Philippine government’s own mandatory 21-day isolation period for Filipinos returning from the three Ebola-hit West African countries. This appeal was made by overseas Filipino Workers (OFWs) in that region who are poised to go home for their Christmas vacation. According to Nimuel Diagmel, fuel supervisor at African Minerals Ltd. in Sierra Leone, they can only stay here for a limited period of time and should be back at their worksite right after their holiday leave, or risk losing their jobs to other nationalities who are competing in the work market there."

[casual47] 27/11/2014 11:43

Assuming that Frank Timis still enjoys the "concurrence" of SL Gov't then this reads to me as implicit backing for whatever Frank has planned/is planning.

So I would say that Frank will come out of this whole debacle smelling of roses (and money). Whether it is necessarily good news for PIs holding AMI is clearly uncertain.