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Sable Mining Africa probes bribery and corruption reports

Thu, 26th May 2016 11:22

(ShareCast News) - Sable Mining Africa, the company founded by ex-England spin bowler Phillipe-Henri Edmonds, has confirmed it is investigating allegations of bribery and corruption made against the company in Liberia.The AIM-listed, sub-Sahara-focused outfit, run by Edmonds and longtime business partner Andrew Groves, said it was taking "appropriate legal advice" on the matters after recent media comment and speculation regarding the issue.According to a report released by anti-corruption campaign group Global Witness, the company and its lawyers paid $250,000 in "bribes" to African officials in 2010 as well as casting aspersions about the purchases of assets owned by secretive offshore vehicles.Edmonds and Groves have already said they "strenuously deny any wrongdoing" and Jim Cochrane, who succeeded the ex cricketer as chairman in 2014, said earlier this month that no evidence had been found."Sable is committed to ensuring that its business is conducted in a responsible and ethical manner and that any breaches in internal anti-bribery policies and procedures will result in disciplinary action," he said. "Although many of the issues raised by Global Witness were subject to internal review a number of years ago, they have prompted a further review of all of these matters. We have found no evidence to support or justify this attack on the company or its directors, past and present."Edmonds and Groves' ventures have been embroiled in different sorts of controversy before. AIM-listed Camec, backed by funds from hedge fund Och-Ziff Capital Management, made a $100m cash payment to Robert Mugabe's Zimbabwe administration, which the company argued was a loan "to comply with its contractual obligations" to secure platinum claims in the country, though the funds proved vital for the notorious and at the time cash-starved leader to fight back from early defeats and remain in power.The year before, White Nile, yet another of the pair's outfits, discovered its much trumpeted Block Ba oilfield in southern Sudan was in fact owned by oil major Total.Shares in Sable, having stumbled from 20p to 0.5p at the start of the month, fell to a new low below 0.3p on Thursday, before rebounding to 0.4p just after 1130 BST.
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3 Mar 2014 11:06

Sable Mining Provides First JORC Reserve At Nimba

LONDON (Alliance News) - Sable Mining Ltd Monday said its first JORC reserve at the Nimba Iron Ore project in Guinea supports premium direct shipping ore production at low capital intensity. The AIM-listed iron-ore exploration mining company said its maiden reserve of 53.96 million tonnes a

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20 Jan 2014 09:39

Sable Mining Appoints New Chairman As Edmonds Becomes Non-Executive Director

LONDON (Alliance News) - Sable Mining Africa Ltd Monday said its has appointed James Cochrane as its Chairman with immediate effect, with predecessor Phil Edmonds becoming a non-executive director instead. Peet Snyders is steeping down as a director, the company said. Former England c

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15 Jan 2014 18:34

ArcelorMittal will share Liberia iron ore rail with Guinea miners- Liberia fin min

* Sable, ArcelorMittal in talks over use of line * Spare capacity availability unclear * Miners will have to pay for line expansion * Building a second rail line is also an option By Stephen Eisenhammer and Silvia Antonioli LONDON, Jan 15 (Reuters) - ArcelorMittal wi

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26 Nov 2013 13:22

Sable Mining Moves Closer To Key Infrastructure Deal In Liberia

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26 Nov 2013 07:24

Sable signs deal with Liberia to pave way for rail, port access

LONDON, Nov 26 (Reuters) - Guinea-focused mining group Sable has signed an memorandum of understanding (MOU) with the Liberian government, in what it said on Tuesday was a step towards being allowed to export its iron ore through Liberia's rail and port network. The company said the agreem

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24 Nov 2013 18:29

Sunday share tips: Royal Dutch Shell, SAB Miller, Sable Mining

Investors are sick of companies who spend buckets of cash on purchasing new assets with little or no regard for investor returns. That is what is known as "empire building" and it has seen several Chief Executives ousted as a result this past year. Unfortunately, not everyone seems to have got the m

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11 Nov 2013 11:42

Sable Mining Increases Resource At the Nimba Project By 32%

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29 Oct 2013 18:30

Sable Africa Mining To Raise GBP15M Through Private Placing

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14 Oct 2013 10:32

Sable Mining Tests At Guinea Iron Ore Project Show Encouraging Signs

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7 Oct 2013 15:45

STOCKS NEWS EUROPE-UK small caps close down 0.3 pct

The FTSE Small Caps Index closes down by 0.3 percent while the FTSE AIM All Share Index ends 0.2 percent lower, broadly matching the decline in the blue-chip index. Fusionex rises 6.3 percent after the software and data services company issues an upbeat trading update that prompts brokerage

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7 Oct 2013 15:28

Sable Mining gets go-ahead for Guinea iron exports

Sable Mining Africa has taken a major step towards launching production at an iron mine in Guinea. Sable has won permission from the Guinean government to export iron ore from its Nimba mine across the border to Liberia and then on to the port of Buchanan. The export decree allows it to avoid havi

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7 Oct 2013 11:02

UK WINNERS & LOSERS: Burberry Trips After Chinese Slowdown, Suretrack Shares Jump

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7 Oct 2013 06:34

UPDATE 1-Sable Mining receives decree to export through Liberia

By Stephen Eisenhammer LONDON, Oct 7 (Reuters) - Guinea-focused iron ore miner Sable Mining said on Monday it had been granted permission to export through Liberia by the Guinean government, which could increase the viability of its Nimba project. Liberia, which neighbours Guinea, has

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7 Oct 2013 06:14

Sable Mining receives decree to export through Liberia

LONDON, Oct 7 (Reuters) - Guinea-focused iron ore miner Sable Mining said on Monday it had been granted permission to export through Liberia by the Guinean government, which could increase the viability of its Nimba project. Liberia, which neighbours Guinea, has an existing rail link and of

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24 Sep 2013 07:59

STOCKS NEWS EUROPE-UK small caps Climb 0.2 pct early on

UK small caps and junior-listed AIM shares rise 0.2 and 0.1 percent respectively, reflecting the performance of larger peers with the blue chips 0.1 percent higher and the mid caps up 0.3 percent. Sable Mining Africa, the AIM listed exploration company, rallies 4.5 percent after announcing

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