African Minerals - AMI Stream Log

That is the reason Bangura is Boss , Alan has no power , FT stay calm , Chinese promised USD 500 M for GoSL, masterpiece in my opinion , . no debt , nothin , fresh start ,

liu, do you think the chinese will get 100% of the mine?

Timis need rail , Marampa is his own business, GoSL own only 10% rail and port , that is the reason FT push Gibril Bangura to be front man, in case third party will buy TIO and AML , GoSL can allways nationalize rail , and give acces for new TIO owner and Timis as well , and $50 m to Cyprus , and more more , Masterpice

Timis need rail , Marampa is his own business, GoSL own only 10% rail and port , that is the reason FT push Gibril Bangura to be front man, in case third party will buy TIO and AML , GoSL can allways nationalize rail , and give acces for new TIO owner and Timis as well , and $50 m to Cy, and more more , Masterpice

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.

4u , i imagine they have had word from the bondholders that once the ten days have passed they will be calling in the debt.Best we can hope for now is that sisg make a last ditch offer of some value to shareholders prior to admin.

Timis need rail , Marampa is his own business, GoSL own only 10% rail and port , that is the reason FT push Gibril Bangura to be front man, in case third party will buy TIO and AML , GoSL can allways nationalize rail , and give acces for new TIO owner and Timis as well , and $50 m to Cy, and more more , Masterpice

Masterpieces ,

Negotiations continue regarding a long term funding solution with Shandong Iron and Steel Group ("SISG"), AML's partner and 25% owner of the Project. The Company also continues to evaluate potential funding solutions with other parties, including but not limited to a partial sale of AML's stake in the Project. Reaching that outcome remains AML's utmost priority and while the Board continues to make every effort to advance these discussions, there can be no certainty that agreement will be achieved. In the event that a funding solution is successfully reached, it is highly likely that the outcome would leave little or no value for AML's shareholders, due to significant balances owed to trade creditors before the Project went into care and maintenance, as well as existing bank debt amounting to $276m and the $400m convertible bond, all of which sit ahead of AML's shareholders in the capital structure. Furthermore, SISG has made a number of claims against the Project which further diminish its value.

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