They come from Deutsche Bank’s analysts — who have in the meantime suspended their ‘buy’ rating on the London-listed Sierra Leone iron ore miner.
Background: a related party transaction, a director resignation, an internal investigation into $50m of shareholders’ money also paid to a related party, and a four-fifths share-price drop in a year. (And a 25 per stake held by the Shangdong Iron and Steel.) Read more
African Minerals, the Sierra Leone iron ore miner founded by Frank Timis, has released an update on its financial situation and “selected additional information”.
The company, whose auditors have raised questions about its status as a going concern dependent upon the level of the iron ore price, needs to refinance and the document has been produced as a precursor to that process.
Prospective lenders will no doubt read with interest the sections from page 39 onwards about a recent internal investigation conducted into African Mineral’s relationship with Global Iron Ore — an entity that received large settlement payments from the miner to end marketing contracts in 2012. Read more
Breaking pre-market news on Monday,
- HSBC sells 195 New York retail branches to First Niagara Bank — statement. Read more
Charity worker and businessman Frank Timis needs some cash. $800m to be precise to help fund his development work in west African country Sierra Leone.
A press release from Timis’ African Minerals: Read more
Breaking pre-market news on Thursday,
- BT says Q2 EPS rose 16 per cent to 5.1p on cashflow improvement – statement. Read more
Breaking pre-market news on Friday,
- British Airways returns to profit — statement. Read more
Frank Timis might do a lot of good work for charity but that doesn’t mean the Chinese are going to sink $1.5bn into his iron project in Sierra Leone.
Oh no. Read more
Breaking pre-market news on Thursday;
- Frank Timis’ African Minerals says Tonkolili investment deal delayed – statement. Read more
The scramble for west Africa’s iron supplies gained pace on Tuesday when a Chinese steel mill, Shandong Iron and Steel, agreed to pay $1.5bn for a minority interest in a single non-producing iron ore project in Sierra Leone, the FT reports. Frank Timis, the controversial mining and oil entrepreneur, sealed his second financing deal this year between African Minerals, the London-listed Sierra Leone iron ore company he leads as executive chairman, and a Chinese state-owned steel company.
Forget the vodka, Frank Timis will be ordering Bollinger on Tuesday morning. The irrepressible entrepreneur, who also does a lot of good work for charity, has tempted a second Chinese company to invest in his Tonkolili iron ore project in Sierra Leone.
In fact, he has sold a 25 per cent stake for $1.5bn! Read more
Breaking pre-market news on Tuesday,
- BP installs new spill cap, warns success “cannot be assured” — statement. Read more
Breaking pre-market news on Wednesday,
- J Sainsbury total sales up 7.6 per cent in Q1 — statement. Read more
Breaking pre-market news on Thursday,
- China grows 10.7 per cent in fourth quarter, inflation up 1.9 per cent in December – FT. Read more
You can’t keep a good man down.
On Wednesday, the irrepressible Frank, ‘I do a lot of good work for charidee’, Timis was back with another deal — this time for his iron ore play African Minerals. Read more
Vasile “Frank” Timiş, chairman of AIM-listed prospector African Minerals, has always been a busy bunny. But this week he really has excelled himself.
On Friday afternoon Frank revealed to our sister organisation Mergermarket that he was “a large shareholder” in another frothy resources play, Gulf Keystone Petroleum, adding that he would sell his stake for 150p — almost twice the current market price. Read more
This is Frank Timis. Read more