African Minerals - Re: AMI Stream Log - funny story ,, Sierra Leone...

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.