Posts from Wednesday Jul 2 2014

A related party at African Minerals

African Minerals, the Sierra Leone based iron ore miner founded by Frank Timis, has made large payments for warranty breaches to a company in which Hong Kong financial disclosures indicate non-executive director Dermot Coughlan and his son Craig Coughlan hold a financial interest.

The $62.5m cost of the warranty breaches was listed among several “related party transactions” in the 2012 accounts, which describe the recipient company, Global Iron Ore Corporation, as “a company in which Dermot Coughlan’s son holds a senior management position”.

Hong Kong financial disclosures for Global Iron Ore Limited indicate that between them the Coughlans own 61 per cent of the company. (Click for the full document): Read more

Markets Live: Wednesday, 2nd July, 2014

Live markets commentary from 

Gone Camping

*Ding – ding – ding*
Good morning Alpha campers!

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The 6am London Cut

The Last Camp Alphaville Promo of 2014. The fun starts at 11am today. Pack cash.

The Cut is taking a short break for the rest of this week while we clear litter and (some of us) eat hotdogs. Read more