African Min. Share Discussion Threads

[disastra] 13/2/2015 12:36

Any news from gosl??

[casual47] 13/2/2015 12:12

If SISG are upset at BOD's behaviour...then what has the SISG representative on the AMI board been doing all that time? Just twiddling his thumbs? There's a case of lacking due diligence right there.

Did they not have power to stop/control them before?

"Mr. Jurong Cui, was appointed to the Board in April 2012, following the completion of Shandong Iron and Steel Group's ("SISG") investment into the Tonkolili Project."

[cantrememberthis2] 13/2/2015 10:01

Alan your team will not get away with reducing shareholder investments to ZERO. Do you know why? You all have a duty to work in the interest of owners of AMI as well as creditors. The BoD have been wreckless with expenditure and to NOT seek shareholder approval of any refinancing will be offensive and evidence that you never have worked in the interest of shareholders. You all have professional liability cover and it is this route I personally will chase through gross negligence. Do not assume 68 private investors who hold 4% of stock will be silent. On the contrary...

Sent this directly to AW mobile since he has gone AWOL

[shimmysham12] 12/2/2015 18:38

I wish we were 5p now....

[seanywauny] 12/2/2015 17:24

Grant LSE:Conference call'Hi all, Spoke to legal representative for local community... She is going to spend 5 mins at start of call. We have a potential meeting with producers for Panorama on Monday with her support and links into Times etc. Please ensure you dial in if you want to make a difference here.... Lots going on that I never knew and would never have invested in this given what I've heard..... In addition we should start looking into suing AIM itself given controlsmof BoD and actions both for shareholders and more importantly the local community.... Talk about a bag full of worms now!'Well done that man! If you have questions and want to get involved at 8.30 tonight, email Grant at:[e-mail]

[seanywauny] 12/2/2015 15:30

-$20bn - $30bn to set up with railway.Erm, there's one already set up at a 95% discount to that if they want it. Get it to admin and let them bid FFS.

[broncowarrior] 11/2/2015 21:45

They suspended when they did because if they could find a deal there would t least be some value left for us. All along I'm sure they hoped prices would recover but it only got worse.As I have said before, this a is a one tricky pony which ultimately creates risk of total wipeout.

[seanywauny] 11/2/2015 20:42

Thanks, it's new news to me.

[seanywauny] 11/2/2015 18:06

If you were Glasenberg or Walsh and the tenements make you lick your lips what would you do?Question to all.

[casual47] 11/2/2015 17:10

I have no answers for you, Kirk. Don't think anyone will. We're in the same boat and all we can do is fish around on google and BBs and try to put pieces together.

Here's the internal email from AW about the Suspension, as posted by Liu:

From: Gillian Smith on behalf of Alan Watling
Sent: 20 November 2014 11:38
To: GRP AM Global
Subject: Suspension of trading of AML shares

To all AML staff and contractors This morning AIM (the London market on which AML shares are traded) has suspended trading in our shares, because we are unable right now to give the market sufficient certainty about a way forward through our current financial difficulties. Whilst we continue to explore various solutions, none of these are currently far enough advanced to provide the assurance that AIM requires. These potential solutions include discussions with Shandong to allow release of the company’s funds in our HK bank accounts, and discussions with Shandong and others about sale of a shareholding in the Tonkolili project to provide longer term funding, irrespective of availability and timing of further external financing. We believe we will be able to achieve one of these solutions and establish a sound corporate and financial structure for the business. Management remains confident that the Tonkolili project, which we have all worked so hard to create, will continue operations, with the committed support of the Government of Sierra Leone, and our employees, contractors and other partners. We expect to release a further announcement to the market later today. 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.

[kirk 6] 11/2/2015 17:01

Casual / Bronco why suspend the share ?

[casual47] 11/2/2015 16:56

Let the peeps do what they feel they need to do. If anything it may be cathartic and give some "closure" for those who stand to lose a lot.

I know the AMI BOD is getting a lot of flack, and deservedly so, but it seems to me "the Chinese" could have eased/deferred on the claims or at least have accepted the renegotiation of better terms for AMI. After all, why kill the goose that lays the golden eggs . . . except to make sure they get the whole goose rather than just the odd golden egg of course.

[kirk 6] 11/2/2015 16:55

Bronco why did they not even mention the precarious situation they where in? No warning of little value Presentation this year to investors was very bullish and the iron ore price hand fallen that much?Why suspend the shares last November when iron ore price was 80

[broncowarrior] 11/2/2015 16:50

People just need to face facts - the iron ore price put this company out of business. Complaining to the FCA etc is in my view pointless. They had a plan to reduce their all-in costs but did not get the opportunity to do so because the fall in IO was so fast.

It does not matter what is the in the ground, if you cannot make a profit on it is is worth zero. Stay away from IO stocks!!!

The deal with the Chinese was always going to be constrictive if things went south and that is what happened. For example, one of their claims is around the favoured nation clause which means they should always get the best price, in other words AMI could not offer better terms to an offtaker.

[acliff] 11/2/2015 14:33

old fool
thanks for the offer but at that level im better waiting
my offer costs me 10% for the wait which I assume will be less than a year
thanks anyway

[seanywauny] 11/2/2015 14:24

Cant-That's what I don't get, there's no noises from any of them.Surely they all couldn't get out or make back losses via massive shorts & spread bets without it being blatantly obvious?Unless of course they're not worried as they know the last RNS was simply death knell posturing to get a reaction?

[old fool2] 11/2/2015 14:14

No I wont sell you for 1p but I will sell you for 5p if you are interested

[acliff] 11/2/2015 13:07

i have a short position of 20,000 with IG
rather than waiting for this to dissolve if anyone wants to sell me their shares at 1p let me know and we will both be a little better off

acliff

[cantrememberthis2] 11/2/2015 13:03

Really - Zero Value, all these holders?

Timis Diamond Corporation

China Railway Materials Commercial Corporation

M&G Investment Management

Capital Research & Management

Northcroft Trading

Franklin Templeton

Hargreaves Lansdown, stockbrokers (EO)

Heritage Bank, Geneva (PB)

Twin Trust

Knighthead Capital Management

WOW