African Min. Share Discussion Threads

[earnestwipplethwaiteiii] 04/12/2014 12:26

Which just goes to show, all that glitters is not diamond.

[w1ndjammer] 04/12/2014 11:27

Steinmetz plunged into Africa’s treacherous political waters. In the nineteen-nineties, he was the largest purchaser of diamonds from Angola; later, he became the biggest private investor in Sierra Leone. Today, Steinmetz is the largest buyer of rough diamonds from De Beers, and one of the major suppliers of Tiffany & Company. And he has diversified his holdings into real estate, minerals, oil and gas, and other fields, with interests in more than twenty countries. A Web site that Steinmetz recently set up describes him as a “visionaryR21; who used a “network of contacts on the African continent” to build “a multi-faced empire.”

During this period, Steinmetz flew to Conakry and met with Conté. At the General’s compound, they sat and talked beneath a mango tree. Conté was aware of B.S.G.R. because it had acquired the rights to explore two small parcels of land abutting the Simandou range—places where others in the mining industry had not thought to look. In 2006, one of Steinmetz’s employees called him from the top of a mountain, using a satellite phone, and said, “Beny, you cannot believe. I’m standing on so much iron here, you have no idea.” After this success, General Conté began to entertain the idea of reapportioning the Simandou deposit. It was not long after he met Steinmetz that he stripped Rio Tinto of its claim and gave B.S.G.R. a license to explore half the Simandou range. Two weeks after General Conté signed the deal, he died.

[w1ndjammer] 04/12/2014 10:49

Junior miner Atlas Iron has axed 80 jobs - about 10 per cent of its workforce - as it struggles to keep afloat amid falling iron ore prices.

The commodity's price has almost halved since the beginning of the year on the back of slower growth in China and an oversupply in the market.

It is claimed Australia's big miners are flooding the market to knock out high cost Chinese producers, but the move is also pushing junior miners to the edge.

BHP Billiton, Rio Tinto and Fortescue Metals Group have all been undergoing major expansions, but their cost of production is lower than the junior miners.

Atlas Iron said it would cut 80 jobs by the end of the week, which includes contractors.

It follows a decision to cut the pay of board members by 15 per cent while also reducing the number of directors from nine to six.

The company's managing director, Ken Brinsden, said the job losses will not impact on the company's current or future production levels.

"It's imperative Atlas maintains a competitive cost base in light of current market conditions," Mr Brinsden said.

"We regret to see many good people leave our business, however these changes are necessary and will help ensure our longer term sustainability."

The move to cut costs follows similar moves by fellow iron ore juniors.

Last week, Pilbara miner BC Iron announced it would cut three positions from its board, including that of founding director Mike Young.

It also admitted it was at risk of a takeover.

Mount Gibson Iron has also been forced to stand down more than 200 workers, following a sea wall collapse at its Koolan Island operations off the Kimberley coast.

At the time, the company said low iron ore prices will play a role in how quickly the company resumes operations at the site.

Fortescue Metals Group, the smaller of the big three miners, has followed suit, announcing it would cut capital spending by $US650 million this year.

FMG axed three senior executive positions yesterday while also announcing that development director Peter Meurs would stand down from his executive role at the company for two months.

An FMG spokesperson said the decision was not a reaction to the market conditions but a normal evolution of the business.

"We made the decision to restructure the senior levels of the organisation in a way that will allow us to be even more flexible and adaptive moving forward," he said.

"Reshaping our leadership group will make our business more responsive and innovative, ensuring all areas of Fortescue are as efficient and productive as possible."

[w1ndjammer] 04/12/2014 10:25

Things are starting to sound better at least, I am guessing but would think second week of January for suspension lifted.

WJ.

[cantrememberthis2] 03/12/2014 20:28

30p initial rerate as shorts burn
Only if stake and investment work in aml favour
gla

[newswseller] 03/12/2014 17:03

Ideally they should find two buyers and sell a 25% stake to both of them for a $200m each. So then there are four partners in the project and less $ required from AML for the project company

[newswseller] 03/12/2014 17:00

I wouldn't get too carried away IMHO and you should treat your investment as gone.IF this gets relisted and that's a big if then it will open a lot higher than 10p

[seanywauny] 03/12/2014 16:29

Well 99% of us feel a lot better.As for the shorters, mwahaha!

[kirk 6] 03/12/2014 16:20

We could be looking at a higher share price open when it opens. Could be quite substantial dependant on the deal.

[gazza102] 03/12/2014 16:12

The bit about breathing a sigh of relief - he is not joking!!!!! I actually might start breathing when this is over.

Sounds good.

[kirk 6] 03/12/2014 15:44

Even Nicer. google news cant beat it

Sierra Leone News: AML is a very responsible Company


Morseray Fadika African Minerals Limited (AML) Sierra .Leone, Executive Chairman, Moreseray Fadika yesterday said the company is very responsible and viable as they will never allow it to go bankrupt or close down. He made this comments in a short interview due to the many wrong information making rounds in the public domain.
The Executive Chairman SL, said for the past years they have been doing fine, employing so many Sierra Leoneans to improve the country’s economy. “We have been running the company with all necessary care and cannot allow the company at this challenging time to go down.”
He said the problem they have with Shandong Iron and Steel will be solved as they have put all mechanisms in place to remedy the situation. He said non-essential staff have been sent home and they will continue to receive salaries until they start operations again. “I am optimistic that very soon we will start operations again and all our contractors and creditors will breathe a sigh of relief and the unfounded rumours will stop.”
The Executive Chairman averred that the current situation is caused by the law Iron Ore price. He said the Ebola has an effect on their production, but it is the low price that really hampered their production.
Morseray Fadika says the Tonkolili project remains a world class project and they have decided to implement the cost cutting measures required to return it back to a cash flow positive status even in the current Ebola crisis and the low cost of Iron Ore.
“We will continue to do all we can to bring the project back on track by finding an acceptable solution between African Minerals and Shandong. We want to commend our workers for their understanding and want all of our partners especially the suppliers not to be wary as the temporary closure will soon come to pass.”
Fadika also commends the government for its continued support and want them to be optimistic that AML will not go down as London Mining. They will make sure the good relationship existing between them will continue as they have shown concern for the workers. “That is why we will never lay off one worker at this time, anyone who wants to resign, we cannot stop them, but as we have sent them home they will continue to receive their salaries until we start operations again. This is the promise we made to the government and we will keep it.”
He urged the populace to stay calm and stop the violent rumours that will destroy the company. He called on all to support them in this period rather than trying to destroy them. He said people should divorce African Minerals from Timis Corporation as AML has nothing to do with Timis Corporation that have bought over London Mining. “African Minerals will continue its operation in Sierra Leone for a long time to come because the base of the company will never be broken.”
Wednesday December 03, 2014

[kirk 6] 03/12/2014 15:43

Nice:

Sierra Leone News: World Bank Prexy Jets in Today


Jim Yong KimWorld Bank Group President Jim Yong Kim will arrive in Freetown today, to reaffirm the Bank’s continued support to the government’s response to the Ebola crisis.
Dr. Kim will meet President Ernest Bai Koroma and senior officials of the Government of Sierra Leone. Dr. Kim and President Koroma will then hold a brief joint press conference on 3 rd December 2014 at State House.
While in Freetown, the World Bank Group President will reiterate the Bank’s commitment to support Sierra Leone’s post-Ebola reconstruction and development needs, including increased focus on strengthening the health care systems, social protection, value-added agriculture and energy projects.
Dr. Kim will visit the “Situation Room” at the National Ebola Response Center (NERC) and the United Nations Mission for the Ebola Emergency Response to get first – hand update on the progress, gaps and challenges in the response effort.
The WBG is mobilizing nearly $1 billion in financing for the three countries hardest hit by the Ebola crisis. A total of $518 million has been disbursed for the emergency response.
The funding is helping Guinea, Liberia and Sierra Leone provide treatment and care, contain and prevent the spread of infections, help communities cope with the economic impact of the crisis, and improve public health systems. Additional financing of $285 million grant was approved by the WBG’s Board on November 18, 2014, with a $98 million allocation for Sierra Leone. This money will help scale-up community-based care and support for faster identification, triage and care of Ebola patients, enable a surge of international health workers, laboratory services, essential supplies, and restart basic health services.
IFC, the private sector arm of the World Bank Group is also providing commercial financing to enable trade, investment and employment in the three most affected countries, including Sierra Leone. The financing includes a rapid response program which is helping to ensure continued operations of business and supplies of essential goods and services.
Wednesday December 03, 2014

[broncowarrior] 03/12/2014 12:28

Given AML employs 10 thousand people in one of the poorest countries in the world, the world bank funding a government stake for a few hundred million in AMI would be completely appropriate. That way it directly benefits the country rather than giving it to a commercial enterprise.

[seanywauny] 03/12/2014 04:18

Let's hope Frank is talking to the IFC then.

[warwick69] 02/12/2014 21:51

a loan to AML to see it through would surely be a help?

[cottoner] 02/12/2014 21:47

Published: 02 December 2014 Hits: 42

FREETOWN, December 1, 2014 - World Bank Group President Jim Yong Kim arrives in Freetown on Wednesday, December 3, 2014 to reaffirm the Bank's continued support to the government's response to the Ebola crisis.
Dr. Kim will meet President Ernest Bai Koroma and senior officials of the Government of Sierra Leone. Dr. Kim and President Koroma will then hold a brief joint press conference on 3rd December 2014 at State House.
While in Freetown, the World Bank Group President will reiterate the Bank's commitment to support Sierra Leone's post-Ebola reconstruction and development needs, including increased focus on strengthening the health care systems, social protection, value-added agriculture and energy projects.

Dr. Kim will visit the "Situation Room" at the National Ebola Response Center (NERC) and the United Nations Mission for the Ebola Emergency Response to get first - hand update on the progress, gaps and challenges in the response effort.
The WBG is mobilizing nearly $1 billion in financing for the three countries hardest hit by the Ebola crisis. A total of $518 million has been disbursed for the emergency response. The funding is helping Guinea, Liberia and Sierra Leone provide treatment and care, contain and prevent the spread of infections, help communities cope with the economic impact of the crisis, and improve public health systems. Additional financing of $285 million grant was approved by the WBG's Board on November 18, 2014, with a $98 million allocation for Sierra Leone. This money will help scale-up community-based care and support for faster identification, triage and care of Ebola patients, enable a surge of international health workers, laboratory services, essential supplies, and restart basic health services.
IFC, the private sector arm of the World Bank Group is also providing commercial financing to enable trade, investment and employment in the three most affected countries, including Sierra Leone. The financing includes a rapid response program which is helping to ensure continued operations of business and supplies of essential goods and services.

[kirk 6] 02/12/2014 20:04

Have you got a link to that article?

[cantrememberthis2] 01/12/2014 20:21

A tie-up with LOND could remove the need to expand and start selling both 58% and 62% fe even at much lower prices, this could be the better option of the evils around...

Come on FT secure LOND offtake and then propose a merger with AMI

[hvs] 01/12/2014 20:07

No English,

I only collect every month.

Very nice.

Is this true :

Timis, who is chairman and founder of African Minerals AMIQ.L, a heavily indebted rival to London Mining in Sierra Leone, bought the Marampa mine last month through his private vehicle Timis Mining Corporation.

Signing an offtake deal, whereby a buyer prepays for a portion of future production, would give Timis's private company financial support to operate the Marampa mine.

[kirk 6] 01/12/2014 20:02

Can't - There is no lse app so only use advfn on iPhone.