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“It’s a bolt-on acquisition for IMIC”, the AFF CEO says. “It’s absolutely bolt-on. The office, team, and management in-country all stays the same.” And as far as the London end’s concerned, Luis is fairly sanguine. “They will have to decide if they want to keep the directors”, he says". Never turn down a job you haven't yet been publicly offered so keep speaking nicely about them, Luis. http://www.directorstalk.com/it-certainly-wont-be-like-the-sundance-saga-says-afferros-luis-da-silva-as-imic-sets-the-clock-ticking-on-a-deal/

http://www.directorstalk.com/it-certainly-wont-be-like-the-sundance-saga-says-afferros-luis-da-silva-as-imic-sets-the-clock-ticking-on-a-deal/

It's always interesting to see what other people think. Here is a very recent view from WAM. Slide 28&29 are interesting but there are little gems throughout the presentation. http://westafricanminerals.com/sites/default/files/Analysts%20presentation%20-%2019%20april%20wafm%20presentation.pdf

Mark, I firmly expect no other offer will come and that the AFF board will recommend acceptance of the IMIC offer. With that positive statement in mind have a read of this from the perspective of a deal already 99% done. http://minesite.com/news/it-certainly-wont-be-like-the-sundance-saga-says-afferros-luis-da-silva-as-imic-sets-the-clock-ticking-on-a-deal Two unsecured loans for a total of $65m already announced and a £10m placing last year suggest that the financing isn't going to be a problem particularly if there is the prospect of a large take up of the share swap that means it won't have to be drawn on. Also, as an exercise in confidence building, try running a search on "Ethelbert Cooper" and "Guy Pas" and then ask yourself if this is as arms length as the AFF CEO and his pet journalist might have us believe.

You are right, of course, regarding Sundance's reluctance. In their position who wouldn't be? My point is that the politics of the situation have painted Sundance into a corner that they may have difficulty getting out of. If the Chinese State has chosen IMIC/AIOG (see the two recent IMIC RNS) over Hanlong (see the reports on the Chairman's arrest) as their intermediary in Cameroon then I pity Sundance's shareholders. Note that Miningman has confirmed that the IMIC/AIOG strategy is already observable in Guinea. I would add Liberia also.

Yes indeed but Hold Co, the Cameroon 10% part owner of Cam Iron, is/was in dispute with Sundance over their (non) share of the Congo element of the Hanlong T/O. Having lost friends in Cameroon, perhaps Sundance will find that a fire sale of their Cam Iron interest is becoming necessary, particularly if they can't show palpable signs of coming up with the finance needed to meet the terms of the Mbalam Convention very quickly. I say that because I think the IMIC/AIOG strategy involves somehow separating Sundance from its rights to the port and railway development and AIOG prides itself on knowing how things like that work in that part of the world.

A local perspective, highlighting that CAM IRON has the agreement with the Cameroon Government for mining and infrastructure and not Sundance. http://www.businessincameroon.com/mining/1804-4022-canada-and-china-show-interest-in-mbalam-nabeba-iron-ore-project-after-hanlong-drops

It's very illiquid and, by their own reckoning, fair value at the moment is about 20p. There has been a recent drift downward, probably because of the risk of imminent dilution associated with you know who. Then there's the post takeover dilution if more than just me takes up the 140p/25p swap (c1/5.5). On the other hand, there's the IMIC expectation that the value of the new enterprise will go up in greater proportion. On balance I'm following the market and holding back until things get clearer.

Not sure what happened there. The censored word is "exchange"

From today's IMIC RNS. "We are delighted to have raised US$15 million through this bond issue, which further builds our available financial resources for the delivery of our strategy to unlock the value of iron ore in Africa. This bond is unsecured, reflecting institutional support for IMIC's development strategy." Perhaps, during the next few weeks, we will see other RNS from IMIC moving them towards the funds total they require to deliver on their offer. It would also be good to see the dilution of IMIC shares before the AFF ************** rate is calculated, for those of us interested in being shareholders in the new AFF/IMIC/AIOG grouping anyway.

mogo. Ask yourself - is it likely? "The update on the IMIC discussions is a development that should be viewed positively especially in respect of the Chinese consortium that IMIC has assembled to address the iron ore infrastructure requirements of the Nkout project.... The board of directors does not believe that an informed decision can be taken by the company until such time as a more formal offer and satisfactory confirmation from IMIC’s financial advisers, is received." Not much hint of recommending rejection there. Looking at it from the major shareholders position (bearing in mind that includes IMIC themselves now led by AFF former director Kane) this isn't about quick profit, its more about a sustainable long term solution to delivering shareholder value.

Good to see its risk aversion and not shortage of funds that's holding you back.

I take some comfort from the words of the AFF RNS. "The update on the IMIC discussions is a development that should be viewed positively especially in respect of the Chinese consortium that IMIC has assembled to address the iron ore infrastructure requirements of the Nkout project". To that I would add "and the entire Cameroon infrastructure". Have you thought about averaging down to 80p while you still can?

You are doing a fine job of encouraging support for the IMIC bid. Not only is the value of AFF as a standalone overestimated but the opportunity to be a part of something much bigger is on offer to AFF shareholders.

POSCO are probably wondering why no one from AFF rings them any more.

If you take the offer of IMIC shares in totality the question would be, on the day you take them to your name, would there be a liquid market to allow you to sell all or part of them? On a simple calculation you would make 49p a share profit. It isn't today's price you need to worry about though, its the IMIC price on the day the calculation is made and on the day you take ownership that ought to concern you. It will me, anyway.

Agree, not a partnership but a merger. The name AFF will go and some of the board and staff, true, but the hard assets will be there inside a new shell but with those soft assets that will allow the hard assets to be utilised. I'm all for option three.

The value IMIC brings to this deal is the access to Chinese funding, their off-take market and the strategic ambition to replace the failed Sundance infrastructure dependency. I'm looking at this as a merger not an acquisition and so will be watching the IMIC share price with as much interest as the AFF one.

The advantage of proximity to Kribi Port is only an advantage if there is an ore terminal at Kribi Port to make use of. As I understand it, CAMIRON(90% Sundance,10% Hold Co SA) have the challenge of financing the iron ore terminal to the south of the complex under the terms of the Mabalm Convention but presumably this is now proving difficult in light of the delay/cancellation of the Hanlong T/O. Maybe this lack of clarity about the port construction is what is holding up release of the Ntem logistic study.

West African Minerals (LON:WAFM) is ready to embark on an infill drilling programme on its Djadom South iron ore property in Cameroon to prove up a “potentially significant resource”. It revealed its plans alongside the latest set of scout drilling results. The data from this latest exploration round have helped extend the strike length of near-surface hematite and enriched banded iron over six kilometres. The shares started down 1%.