African Minerals Forum

4unme . Bangura is friendly with GoSL.

FT has no money , nil , Chinese got ,

[link]

if Timis is loosing rail , means Chineese andGoSL agree deal , that they so calm for now

then Bangura replied next day Following yesterday’s email from Alan Watling, I thought it necessary to clarify the delegations of authority that apply for the Operating Entities approved by the Operating Entities’ Board 1. All business related to the project companies should be decided by the project company board and not the AML board (Board decision 19 June 2014

4unme: Chinesee need Bangura , is big man down there , they loyal as long as somebody pay them , so aml is lost , ,,look Watling sent email where highlighted It applies equally at AML level and Operating Company level (TIOSL and ARPSSL), because AML is the 75% shareholder in these companies. My approval is in addition to any normal management process and approval. Regards, Alan Watling CEO

Seemed like Bangura was front man cover Timis asset , but now story became clear , Chinese working with Bangura (GoSL)

know is old , said is funny,

funny story ,, Sierra Leone News: AML is not bankrupt Anthony NavoThe Director of Communication at the iron ore miner African Minerals Limited (AML) has disclosed that the company is not bankrupt as being rumoured, even though over the weekend it decided to scale down its operations and sending good numbers of workers home with pay. The Director of Communications Anthony Navo explained that they have been forced into making this decision due to the Ebola outbreak and the low cost of Iron Ore. Junior Navo said they have 10,000 workers currently on their payroll who have been receiving their salaries since the Ebola outbreak even though production has been cut. He said the fall in the price of Iron Ore, has had a telling effect on the institution and therefore management resolved that none essential staff should be sent home for now but they will continue to receive salaries until the atmosphere is conducive again. ‘It is very difficult to maintain all 10,000 staff under such precarious situation … it has a telling effect on our income, because if we continue to incur the high production cost under the current Ebola situation, the company will go bankrupt, and we don’t want that to happen.” The AML Communications Director further explained that even when AML was suspended from trading in the London Stock Exchange, “because we have less than $50 million dollars in our account, it was termed as bankruptcy. We don’t want to reach that level where the company will go into administration.” Therefore he said they had to suspend production as a temporary measure to cut cost. Anthony Navo disclosed that they will keep the essential staff, who will continue to receive salaries until the situation is normal again. “Even some of our foreign staff are leaving because they are not that important now within the institution,” adding “so it is not only our local staff but foreign staff too are affected.” The Director of Communications said AML Sierra Leone, which has Morseray Fadika as Executive Chairman will continue to operate with essential staff, and they will leave AML PLC headed by Frank Timis to sort out the problems they have with Shandong Iron and Steel. He said there are many false rumours going around that the company is bankrupt and that the Chinese are going to take it over. “These are untrue … they can check with the London Stock Exchange to verify if AML has gone into administration. AML PLC owns 75 percent shares in the Tonkolili project and Shandong has 25 percent, how can Shandong take over the majority shareholder in this situation. People must understand the issue before they make hasty conclusions.” Navo appealed to all workers sent home to be patient as the company needs to be viable until the Ebola spread is over and the parent company and Shandong Iron settle their differences. He said he is optimistic that the Ebola will soon be over and normalcy will return so that all those who have been sent home will come back and start work soonest.

15 December 2014
By Joseph S. MargaiMines
Over 7000 workers have been laid off at both London Mining and African Minerals companies due to the sale of shares and the scaling down of operations of the two mining companies because of the fall in the price of iron ore in the world market, the Minister of Mines and Mineral Resources has revealed.
Alhaji Minkailu Mansaray told members of the Parliamentary Oversight Committee on Mines last Friday that the laying-off of workers has adverse effects on the country’s economy.
He told the committee that India and China are the two main countries dealing with iron ore, but that these countries have a large quantity of reserve stock. He said this has badly affected the operations of the two mining companies in Sierra Leone.
“The issue of London Mining is that the company owes Standard Chartered Bank about US$260 million and is unable to pay despite series of requests from the bank in London. The company had no option but to transfer the company’s ownership to the Timis Corporation to enable them pay the loan,” the minister said.
He disclosed that Timis Corporation bought 80 percent shares of the London Mining Company, and that no part in the agreement makes provision for the government to involve in the arrangement.
He added that the government has put mechanisms in place to keep the operations of the two companies going to mitigate the impact on the economy of the country.
The minister said his ministry has engaged the workers’ associations of both companies to keep them abreast of this development.
He disclosed that before the outbreak of Ebola, the mining sector was at its pick, contributing immensely to the country’s GDP. As part of their corporate social responsibility, he said the companies were busy constructing schools and bridges and providing scholarships to students when Ebola struck.
The chairman of the committee, Hon. Amadu Kanu, appreciated the minster and team for explaining the issue to parliamentarians. He said that the members of parliament will in turn go back to their people and explained these issues to them.
The Deputy Speaker of Parliament, Hon.Chernor Bah, requested the minister to continue to inform Parliament on activities connected to his ministry.
The minority Whip in Parliament, Hon. Sidi Mohamed Tunis, said that the government should do all in its powers to ensure the continued operations of the two mining companie

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