African Min. Share Discussion Threads

[cantrememberthis2] 10/12/2014 08:46

W1ND the ADG saga is particularly worrying.

[w1ndjammer] 10/12/2014 08:28

The receipt of funds from shipments in recent weeks, including from SISG, provides the operating companies with sufficient funds to meet critical payments necessary to maintain the security, safety, and, to the extent necessary, evacuation of staff and contractors in Sierra Leone, and to maintain salary payments in the short term. This plan allows for the continued safeguarding of the Company's assets and will allow for a rapid ramp up and resumption of operations when a financial solution is achieved

[cantrememberthis2] 09/12/2014 14:29

Tells us the bleeding obvious.
Meanwhile debts still outstanding and suppliers still waiting.

[casual47] 09/12/2014 12:31

FYI, the below. Make of it what you will.



Sierra Leone
Closure of iron ore mine elevates risk of government instability, and protest and riots in Sierra Leone

African Minerals (AML) suspended shares from trading and temporarily shut down its Tonkolili iron ore mine in Tonkolili District (Sierra Leone) on 1 December 2014. A fall in the iron price of nearly 60% from USD136 to USD80 since December 2013 and the ongoing Ebola outbreak have led to a 90% fall in the share price this year, and have made it difficult to implement cost-reduction strategies.

The 1 December financial declaration indicates that AML does not have enough working capital and has been refused the release of USD102 million in restricted cash by Shandong Iron and Steel Group (SISG) since AML's previous financial declaration on 20 November.

AML informed shareholders on 20 November that short-term funding is unlikely to be sourced from any alternative lenders. Standard Chartered Bank, which holds USD37.5 million of the current debt, also declared it is unlikely to structure a new debt facility given unfavourable market conditions.

Significance:
1 AML's recent financial declarations follow London Mining's inability to secure new financing options before going into bankruptcy and closing the facility in Sierra Leone in October.

2 Unlikely to be granted emergency financing or access to restricted funding, SISG is likely to embark on a restructuring deal and take full control of the asset. Sierra Leone's economic development strategy depends significantly on the success of the iron ore sector.

3 The growth forecast, currently at 3.1% for 2014, will be revised downwards and reductions to state revenue will increase the budgetary deficit, currently running at -12.9% over the last 12 months, as the government tackles the ongoing Ebola outbreak. The likely event of formal closure of the Tonkolili mine, in addition to the suspension of activities at London Mining's Marampa mine, elevates the risk of protests against job losses.

4 Given the dependence of a high proportion of ex-combatants on employment in the extractive sectors, protests are likely to be well-organised involving blockades to cargo and damage to company property in Tonkolili District. A likely heavy-handed police response, including shooting at protestors, increases death and injury risks to expatriate bystanders.

[axelfoley214] 08/12/2014 19:32

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[axelfoley214] 08/12/2014 19:32

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[axelfoley214] 08/12/2014 19:32

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[casual47] 08/12/2014 11:55

Note: We shouldn't infer from the above that there is any significance for AMI holders in the pending announcement prior to opening 10th December date.

It's a limitation on ASX that a trading halt can only last that long, they cannot stay "halted" beyond Wednesday.

[casual47] 08/12/2014 11:35

Further to my earlier post regarding ADG GLOBAL SUPPLY LIMITED. (ADQ.ASX), a supplier of African Minerals, below the notice they issued today of a trading halt. Not surprising seeing as their market cap is only $2.53 Mil

ADG Global Supply Limited (ASX: ADQ) – Trading Halt
The Company requests a trading halt effective immediately pending outcomes of negotiations with a major client.
The Company will make a further announcement in relation to this matter prior to the opening of trading on Wednesday, 10 December 2014.

[kirk 6] 07/12/2014 00:25

Reckon we have a good chance of deal being sorted and a higher price once suspension is lifted

[kirk 6] 07/12/2014 00:25

Free speech can say what you want on here lol. Buy or sell

[nosnibord] 06/12/2014 23:13

Nobody cares what you have to say, you offensive chump.

[bad robot] 06/12/2014 19:27

ADVISING PEOPLE NOT SELL A TANKING SHARES IS A CRIMINAL ACTIVITY WITHOUT A LICENSE.



This goon has cost loads of people on Lond, POG and ami. He likes to advise. It's time the SFO get on that tw@t

[hvs] 06/12/2014 18:33

Very Very nice name

Shame about the finances.

[bad robot] 06/12/2014 18:10

The message is don't sell unless you absolutely have to as it will either keep the price down or further depress it.

oldtown
15 Sep'14 - 08:33 - 309 of 4117 3 1


that's outragous! you really should not be telling anyone to buy or sell shares on these threads Forwood.
Why is your opinion worth mote than their own free will?

Are you going to underwrite these peoples shares your telling not to sell at 18p??????

Not even a imho dont sell , just a blatent dont sell???
amazing!

[bad robot] 06/12/2014 18:09

SUE THAT SCUMBAG , FINISH THAT DOPEY WALTER.
REPORT HIM TO FCA ADVISING PEOPLE NOT SELL.

ami at 25p. 4dungs even told a guy to jump from a frying pan (pog) into the fire (AMI). Anyone who lost money you should SUE that fccck , advising people to buy or sell. Opiates is doing all the talks



23 bagger. LOLOLOL, 480p



forwood
17 Sep'14 - 10:29 - 779 of 4117 1 0


Yes, a 23 bagger in the making :-0)


forwood
17 Sep'14 - 11:00 - 782 of 4117 0 0


Have you ditched POG yet mnt? Could do yourself a favour and get in here.

[earnestwipplethwaiteiii] 06/12/2014 13:23

Welcome back, Junk Metal. Still averse to a visit with a few homeys?

[w1ndjammer] 05/12/2014 14:17

looks like someone rolled 16k small amount now, but would have been worth £50k a while back.

WJ.

[casual47] 04/12/2014 22:27

A view from the other side (supplier side):

ASX ANNOUNCEMENT
3rd December 2014 Key Client Update
ADG Global Supply (ASX: ADQ) wishes to advise that one of its key clients, African Minerals Limited and associated companies (AML), has placed their Tonkolili mine operations on care and maintenance. An extract from AML’s market release is included below.
As it stands, AML currently owes ADG Global Supply and companies within the ADG Group USD1.5m with USD1.2m beyond standard payment terms. ADG is currently in negotiations to resolve this overdue debt with AML.