African Minerals - AMI Stream Log

I might add, I'm not a UK citizen (and don't live in the UK either), so I cannot participate in any MP mailings...

I guess I own about 5000 shares (I have to check). Does not add much, sorry guys... I should be able to get an exact number by tomorrow and could then mail the info.

This mine truly has potential to be world class mine and I do not think chinese would want to see this end up in hands of westeners at a fraction of a price. Esp since it has been them who have provided all onitial capital to get this thing to the state that it is in now.

But what happens now? If the mine is put into admin there is a huge risk that so much effort of 4 years of work might be sold in admin for peanuts. I do not think SISg will eant this so a funding solution either by them or 3rd party could be just round corner. If AMI falls into admin FT will lose his stake and access to railway which he needs for Lond. But there will be another huge risk for him. 3rd parties may outbid him for the sale of the mine in admin which is practically set to run at ultra cost low value and at 25 Mpta pa.

... thus putting the mine into C&M.

From reading the RNS on 16th and previos ones it looks like AMI were on track for setting a record. I think funds must have been used to upscale the mine to 25Mpta which was mentioned. This upscale was part of phase 2. However, it now looks like pretty certain the chinese are clearly not happy about something. Perhaps the risk of ebola entering the camp also proved a risk

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High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email [email protected] to buy additional rights. [link] Man of iron Corporate announcements tend to be drier than the Hebrides once were on the Sabbath. African Minerals has therefore challenged the conventions of the genre with a notice that is freighted with emotion. This depicts chief executive Alan Watling as a good man in Africa, battling bad weather and the Ebola outbreak at a Sierra Leonean mine to meet targets and keep staff healthy. Unusually, given that he has resigned, Mr Watling supplies a quote. Here he thanks executive chairman Frank Timis and praises “tens of thousands of decent, hard working people” for beating “overwhelming odds”. But this is no ordinary resignation. Mr Watling has quit because the mine has been mothballed following a slump in ore prices. The Aim-quoted business lacks the funds needed to resume production. Its shares have been suspended. African Minerals had hoped Shandong Iron and Steel would agree to inject funds. So far, the Chinese group has declined. It is hard to know who else Mr Watling might have in mind when he says he has “lost the respect of — and for — our partners”. Companies generally avoid barbs against collaborators who might support them financially. It smacks of a recklessness born of desperation that African Minerals has done so. [email protected]

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Yuen Low, analyst at Shore Capital, described Mr Watling’s resignation and the decision not to replace him as “as an ominous sign”.