they never liked those London office , and they ask questions why double it there and in SL ,
said , I think it was force by SIGS , like few things before ,. if I'm wrong sorry , but know Chinese long time , and them point of view ,
there is nothing to post , just remind While acknowledging Ebola as a “terrible†disease, corporate advisory firm SP Angel believes the failure of certain mining companies active in Ebola-hit African countries should not be attributed to the impact of the disease on operations. The firm’s comments followed an announcement by embattled West African iron-ore miner London Mining late last year that the company would be placed into administration after battling high costs, a sharp drop in iron-ore prices and the impact of the Ebola virus on production at the Marampa mine, in Sierra Leone. Mining Weekly Online reported shortly thereafter that miner African Minerals, which owned a 75% stake in the Tonkolili iron-ore project, in Sierra Leone, had been forced to place Tonkolili on care and maintenance in December, pending a $102-million cash payment from its partner, the Shandong Iron and Steel Group (SISG), or the securing of additional short-term funding. SP Angel stated this week that Ebola was not, in its view, the reason that London Mining had entered liquidation or that African Minerals had suspended operations. While these companies would have “undoubtedly†struggled at iron-ore prices of $70/t, the firm maintained that both would have had a “much better†chance of restructuring and continuing operations if costs had been maintained and if no royalty or streaming instruments were used. “African Minerals signed an offtake with SISG, with significant discounts relating to certain products of iron-ore being mined and beneficiated. “Forecasting revenues was nigh on impossible owing to the uncertainty of product generation and the discounts being applied. When costs rose, the company stood little chance of rescue, particularly with CEO Frank Timmis paying $50-million out to a Cyprus trading company without the authorisation of the rest of the board,†the group asserted. In London Mining’s case, SP Angel asserted that the company’s fall into liquidation was the result of inadequate cost control, the cost of royalties, offtake and streaming instruments taking cash off the top line and the “excessive†debt required to start up the operation. “Iron-ore prices did not have to fall far below most forecasts for last year for the company to close up, and the use of top-line financial instruments made it, apparently, impossible for the banks to rescue the business,†it stated. SP Angel added that Sierra Rutile’s Monday announcement that it had achieved its third-highest quarterly production of 31 025 t of rutile in the quarter ended December 31, despite having faced Ebola-related challenges, had highlighted the ability of a “well-run†company to continue to operate effectively in Sierra Leone, despite the Ebola outbreak. “In short, the failure of these companies has little or nothing to do with the emergence of Ebola in the region in our view,†it concluded
Those smart f/////////ers cun't run a kiosk with newspaper , who gave them AML
despite having faced Ebola-related challenges, had highlighted the ability of a “well-run†company to continue to operate effectively in Sierra Leone, despite the Ebola outbreak. “In short, the failure of these companies has little or nothing to do with the emergence of Ebola in the region in our view,†it concluded
Dear All, On Thursday, 27th November 2014, we activated the next stage in our Ebola protocol to level 4, requiring all non-essential workers and contractors to be demobilised from site. On Friday evening, 28th November 2014, several of our main contractors on site ceased operations, due to insufficient payment of outstanding invoices, effectively resulting in AML activating its Care and Maintenance Protocol until suitable financing can be secured. Demobilization of the workforce commenced on Saturday, 29th November 2014, commensurate with the Care and Maintenance Protocol, with on-site briefings to all staff and contractors. I would like to personally thank everyone for their efforts over the past week. We came together as an organization and moved our people and equipment safely and calmly ensuring the possibility of a fast restart. Although we cannot accurately determine when the project will operate again at this stage, all employees remain on full pay and benefits until otherwise advised. As you are aware, AML has been experiencing difficulties over the past few months with regards to the management and containment of Ebola in Sierra Leone and the down cycle in global iron ore pricing. Consequently, AML finds itself in a position where it must immediately conserve cash in order to maintain our current cash flow and viability of the company. Further to the market announcement on 20 November 2014, the Company announces that the $102m of restricted cash has yet to be released due to continued disagreements between AML and Shandong Iron and Steel Group (“SISGâ€). AML continues to use its best efforts to obtain SISG’s authorisation to release these funds, however, there remains no certainty of this, or of its timing. As previously announced, AML commenced a process to sell down a partial interest in its stake in the Tonkolili mine. AML is talking to several groups who have expressed strong interest, and discussions are being progressed as quickly as possible, though there is no certainty a transaction will be forthcoming. In the absence of sufficient working capital, AML has commenced a temporary controlled shut down of its operations in Sierra Leone. Without a significant injection of working capital, AML is unable to initiate the cost reduction strategies which would return the operations to cash flow positive status even at recent low iron ore prices. The business model of AML is robust even at low iron ore prices, and there is a strong belief that AML can continue to operate profitably once the cash position of the company is made certain. We hope that all employees and contractors are flexible and understanding of the situation and work with us to preserve our future by protecting all assets in Sierra Leone. Management is doing everything possible to procure the agreement of a funding solution between AML and SISG. The Company greatly appreciates the support shown by the Government of Sierra Leone, our suppliers and communities, and all our contractors during what we hope is only a temporary suspension of operations. We will keep you posted of all outcomes as they arise at your home address.
ear all, Today we have activated the next stages in AML’s Ebola protocol to level 4. This next stage of the Ebola protocol requires us to temporally demobilise Non-Essential personnel. This action will reduce the number of personnel on site and therefore reduces the potential of contact and therefore assist in the management and control of Ebola. 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. Regards, Alan Watling CEO
update 3 Update on temporary shutdown of operations on site We wish to update you on our recent communication regarding the demobilisation of staff from site in Sierra Leone. We also wish to advise you of your obligations during this period of suspension of operations. As you are aware the Company is experiencing difficult times due to the reduction in iron ore prices, and the devastating effect that the outbreak of Ebola has had on Sierra Leone. This has regrettably resulted in the activation of stage 4 of the Company’s Ebola protocol, and a temporary controlled shutdown of operations on site. Additionally we have activated a care and maintenance protocol, whilst we try to source sufficient working capital for the operation of the business. We are unable to specify the duration of the shutdown, but we will ensure that you are kept up-to-date with developments. During the shutdown, as you have been requested to stay at home on full pay, you must continue to respond to any telephone queries or email requests. Please also continue to liaise with your line manager if you have any work related queries. You must also ensure you are at all times available for work, and you are not permitted to undertake other paid work without our prior written consent. You will continue to be bound by the terms of your contract of employment. The Company will continue to pay your salary in the normal way, and you will also continue to receive your contractual benefits. We have had many queries regarding accrued R&R, unfortunately we are not in a position to state how this time will be treated, however the issue will be addressed as soon as it is practical to do so. As we will need to keep in contact with you during this period, please ensure that you notify the HR team immediately with any changes to your personal details. Thank you for your continued support, we will provide you with more information as it becomes available. Yours sincerely, Kevin Mclean COO