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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
African Min. | LSE:AMI | London | Ordinary Share | BMG0114P1005 | COM SHS USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
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12/12/2014 12:30 | RNS Number : 6477Z African Minerals Ltd 12 December 2014 12 December 2014 African Minerals Limited ("African Minerals", "AML", or the "Company") Temporary Marampa Access Agreement and Loan African Minerals Limited, the developer, operator and 75% owner of the Tonkolili Iron Ore Project in Sierra Leone, today announces that, African Railway and Port Services (SL) Limited ("ARPS"), a subsidiary of African Minerals, has entered into a temporary infrastructure access arrangement with Timis Mining Corp (SL) Ltd ("TMC"). The temporary agreement consists of transportation services for TMC's Marampa product using AML's rail and port operations. Prior to the temporary cessation of operations, announced on 1 December 2014, ARPS had been negotiating an interim infrastructure access agreement with TMC. Given the change of operational and financial circumstances, it is not appropriate to enter into this arrangement, as it would not be possible for ARPS to deliver the required services at this time. Notwithstanding the temporary cessation of operations, the Company has been in discussions with the Government of Sierra Leone with regards to safeguarding employment. The Government consider this essential, given the current challenges facing Sierra Leone from Ebola, and wishes to ensure continuation of as many businesses as possible, which supports local employment and tax revenues in these difficult times. Key terms of Temporary Access Arrangement As such, the directors of the Company (other than Mr Frank Timis) have approved the following temporary access arrangement with TMC, which constitutes a related party transaction (TMC is a related party within the meaning of the AIM Rules by virtue of Mr Timis's shareholding in TMC and his position as Executive Chairman of the Company): -- ARPS will provide TMC with access to its rail and port infrastructure and equipment to transport TMC product from a temporary train loadout point, to and through the Pepel port. -- ARPS will provide staff on a labour only basis to operate its railway and port facilities. -- TMC will make arrangements direct with contractors for equipment and services not provided by ARPS. -- ARPS will charge TMC $100,000/month as an infrastructure access fee, plus all labour at cost which is estimated to be $370,000/month. -- This arrangement will terminate automatically in the event of resumption of normal operations (which would require negotiation and approval of a new arrangement) and is subject to review after 3 months. AML is of the view the temporary arrangement has little or no risk for ARPS, and has the following significant benefits in the current circumstances: -- Full recovery of labour costs, and contribution to costs of national staff who are in any event required to perform care and maintenance activities; -- Improved security of the assets through continuation of visible activities over port and rail; -- TMC arrangements with contractors allows those contractors to keep equipment and staff on site, thus protecting the ability to recommence operations quickly; and -- Operation of mechanical assets assists with ongoing care and maintenance. Alan Watling, Chief Executive Officer of African Minerals, said: "Reaching a temporary access agreement with Timis Mining Corporation safeguards the continued operation of the Marampa mine and maintains essential economic benefits in the region. This temporary agreement will fall away on when operations are resumed. Whilst management continues every effort to secure funding to resume operations, negotiations have not materially progressed since our announcement of 1 December 2014. There remains no certainty that a funding solution for the Company will be forthcoming." Loan from Timis Holdings Limited Timis Holdings Limited (which is also a related party within the meaning of the AIM Rules by virtue of Mr Timis's shareholding in Timis Holdings Limited) has agreed to fund on behalf of the Company, on an unsecured basis, up to $250,000 of professional costs to be incurred by the Company's lawyers, Cleary Gottlieb Steen & Hamilton LLP. | stockriser | |
11/12/2014 20:52 | ....that said....there was the Kitco article: Which also has this phrase: "Beijing-based China Cheng Xin International Credit Rating Co. (CCXI) has ranked the issuer's credit rating as AAA." This means that there should be nothing blocking SISG to issue the bond as with their AAA rating they are not affected by the below: "The nation’s clearing agency said this week that local bonds rated lower than the highest AAA grade are too risky to be used as collateral for short-term loans. That means about half of the outstanding 1 trillion yuan ($162 billion) securities sold by local government financing vehicles, or LGFVs, in the exchange market can no longer be pledged to raise funds, according to Morgan Stanley." | casual47 | |
11/12/2014 16:27 | Hi Kirk. Don't have a take on it. Not sure it has anything to do with AMI. I took an opportunistic punt here so am hoping for the best but assuming the worst. Also, not sure that SISG actually did get the 490million USD. This article seems to imply they postponed the bond offering : | casual47 | |
11/12/2014 15:48 | Casual whats your take regarding the 490m? | kirk 6 | |
11/12/2014 15:32 | Found the below, I have no idea what it means. Looks like Chinglish to me. "Shandong Iron and Steel Group Co., Ltd., said, in view of the recent changes in the market, issued 3 billion yuan short margin was originally scheduled for December 9 bookkeeping company intends to postpone." | casual47 | |
11/12/2014 15:27 | Cant think what else the 490m would be required for just now. Exciting times even if we are suspended. | kirk 6 | |
11/12/2014 07:51 | Great thanks newsletter not cracking the champagne open just yet though but it's It's in the Cooler | kirk 6 | |
11/12/2014 00:48 | Great find.Still game on. | seanywauny | |
10/12/2014 21:59 | prob wishfull thinking but that's the amount AMI were initially asking for an extra 25% | newswseller | |
10/12/2014 20:41 | Any shareholder in discussion with the company at the moment? | newswseller | |
10/12/2014 13:51 | Fair enough, encouraging to see an Opposition doing what it's supposed to do. Lessons there for the UK. | earnestwipplethwaiteiii | |
10/12/2014 13:26 | "SLPP wants investigation into how London Mining was sold and demands that the government explains in detail what exactly is happening at African Minerals and how it intends to address it, said Sulaiman Banja Tejan-Sie, Secretary General of the opposition party. His remarks suggest that the opposition suspects foul play, especially with regards to the sale of London Mining. Mr. Tejan-Sie said the mining sector was very important in the country's economy, accounting for over 10 percent of its GDP and providing jobs for tens of thousands and billions of leones of businesses for local entrepreneurs. “Therefore, this is troubling for us as an opposition," he said." | casual47 | |
10/12/2014 11:54 | Whats happened today anything new or all speculation? About 20posts? | kirk 6 | |
10/12/2014 11:20 | any previous rns,statements from hq can be taken with a large dose of salt. They have kept shareholders at arms length for the last 6mnths. The fact that the only statements from AMI have come from local reporters and employees speaks volumes. | johnwalton | |
10/12/2014 11:03 | cant forget about all the rumors, stick to the facts far less stressful, I am happy they have gone for care and maintenance. They are paying the workforce, so ready to restart production when problems sorted. FT will imho not let this go to the wall. WJ. | w1ndjammer | |
10/12/2014 10:58 | I would be sceptical about rumours which are unsubstantiated at this time and quite possibly posted by a disgruntled employee with an agenda of his own. Let's wait and see. | earnestwipplethwaiteiii | |
10/12/2014 10:52 | Apparently PWC has been appointed according to a poster on LSE... Materially significant why has no announcement been made .... Administration? blimey that was fast... ALL GUESS WORK... | cantrememberthis2 | |
10/12/2014 10:40 | cant the company gave a full account of whats happening via RNS on 1st December they are on care and maintenance. when in a survival situation the suppliers have to wait for their money, that's just the way it is. 4 mill tons lets say $50 = $200 mill WJ. | w1ndjammer | |
10/12/2014 10:34 | Why pay suppliers if cash is king? suppliers can wait and only need paying as a last resort, if the business is viable as a going concern. Admin and bust is my take on the situation the major holders of debt and equity will be sorting a pre pack and the rest will be history. Shareholders, and suppliers are stuffed. Suppliers will be glad to continue doing business once the business re-opens. Shareholders get nowt only the opportunity to re-invest at a later date. Happens in the UK over and over. | johnwalton | |
10/12/2014 10:08 | W1 you still dont see the point I am making - suppliers are unpaid, one is suspended on the Oz stock exchange. meanwhile still no news and AW managed to email me back as I touched a raw nerve clearly - but the pressure on the BoD is simply not high enough they need to pay suppliers regardless of C&M activities and seen screwed to be able to do so | cantrememberthis2 | |
10/12/2014 09:17 | cant read post 4136 they are using funds from sales of recent shipments. they shipped over 4 million tons in Q3 anyone got a calculator. WJ. | w1ndjammer | |
10/12/2014 09:08 | over 1.2m USD is 700K, if they cant service a small amount they seem royally fukd dont you think on lse someone chatted to the financial controller who wasnt even aware of ADG not being paid (yeah right pull the other one)... | cantrememberthis2 | |
10/12/2014 09:06 | cant its only a small amount in the grand scheme of things what`s the worry. WJ. | w1ndjammer |
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