Member Info for Piltick

"Lease sits with AML" The way things are going, I suspect the lease won't sit with AML for very much longer!

I think what we are looking for from our MPs is support rather than action on their part, and hoping that they will speak to the relevant authority or department and ask them to investigate this story with some urgency. I don't think we can expect much more from them, certainly they won't / can't get personally involved, IMO.

Very, very interesting response that you have got there!

xtw: When you say "They have the guts of enough ore to fill the second boat there already on the ground" do you mean on the ground at the Marampa mine, or at Pepel? The reason I ask is because I'm trying to establish if SISG is allowing FT to use the rail system or not.

You're right, Stark, he simply hasn't got it!

Here's a copy of the second email I sent to aim investigations with a copy to the business secretary, my mp, and the sfo. Feel free to use any or all of this if it is of any help. "Further to my email dated 26th February our fears have now materialised and the shareholders of AMI have been wiped out. You may already be aware that AMI’s JV partner SISG has now been able to take control of AMI’s 75% ownership of the Tonkilili mine in Sierra Leone together with the railway and port infrastructures, in settlement of a debt of $166 million which was in default by AMI. A year or two ago SISG paid $1.5 billion for a 25% share of these assets, which would imply a total value at that time of about $6 billion. It is inconceivable how they can now acquire the remaining 75% in exchange for a debt of $166 million, leaving the shareholders of African Minerals Ltd. with zero. This is not a small mine. This is one of the largest iron ore mines in the world, and employs a workforce of about 4,000 in Sierra Leone. This situation does not give confidence to anyone intending to invest in that country. It is also inconceivable how Jefferies, who were supposed to be giving advice to AMI, could allow this situation to arise. Indeed, why did they allow our chairman, Frank Timis, to personally buy the nearby Marampa mine while AMI was struggling with a shortage of cash. This was the transaction that sparked the trouble with SISG and led to this present situation. This latest twist is not normal business being transacted. There is something very, very fishy going on here. I am sure you will understand why myself and fellow investors feel that this business needs to be thoroughly investigated with some urgency."

Fine, but the article doesn't mention that the assets that they have grabbed is worth about 25 times as much as the debt that was being secured by the assets.

Bu seriously, perhaps we need an injunction to stop them putting AML into admin while we sort this out, same as SISG did with the SL subsidiary companies.

Absolutely right Manu. We've been let down and shafted by all of them.

We really need a solicitor to advise us on this, including who we can sue. I suspect it's FT and the BoD. We can't really sue SISG because we would have to do that in SL court. And that's another smart thing they've done. All of this stealing of the assets has taken place with SL subsidiary companies and presumably financing under SL jurisdiction. That makes it harder for us to take legal action. This is why we need legal advice.

SISG have taken over all of the assets from AML. The mine, the rail, and the port infrastructure. They now control all of it, and although we still haven't had confirmation from anyone, it seems that they also own all of it now, i.e. they have title. AML isn't paying wages for anyone to do with the mine, AML is completely out of the picture. So unfortunately we (shareholders of AML) have nothing to negotiate with SISG with. Our only course of action now is to take legal action against those that have defrauded us and let us down.

The PXF, which is the one that SISG are using to grab the mine from AML, was against local SL subsidiaries, so I guess that it's under SL jurisdiction and that would be why there was a hearing about it in the SL court last Monday. Of course we have no idea what the outcome of that hearing was, except that there was an RNS telling us that SISG has taken control of the assets.

In your mind you have to separate the mine from the company. The mine USED to belong to AML. It seems that AML does not own the mine any more. It has been taken over by SISG so as far as AML is concerned, it doesn't matter whether it is open and working or not, it no longer belongs to us as shareholders of AML so we own an empty shell.

Thanks for that info xtw. There's a large bulk carrier (Nord Energy) approaching at the moment, ETA 12:00 tomorrow, and the Gypsum Integrity is anchored offshore waiting for it.

"Gibrill Bangura held a meeting yesterday about the job the they will start operation by ending of April . but for the nationals we still maintain our position and salaries bases but he didn't mentioned about the Expapts"

Liu, it's great to see you back, we have missed you! I see that IO is being shipped out from Pepel again. Do you know if this is from FT's Marampa? I suppose it must be because Tonk has not been working. If it is from Marampa, does that mean that FT is still using the rail to get it to Pepel?

Thanks for all of that, centremember.

Here's an interesting extract from an RNS issued on 26 Sept. 2013: "Under the terms of the MoU, upon successful completion of this transaction, Tewoo will pay to AML US$990m for a 16.5% economic interest in the Tonkolili project based on a project valuation of US$6Bn." So although that never happened, at that time they reckoned that the mine etc. was worth $6B. This ties in with SISG payment of $1.5B for 25% of the mine + infrastructure. Then our BoD give them the other 75% for $166M!

There is of course one other thing to bear in mind: SISG's actions took place under SL jurisdiction, not English law.

ChartTrader: SISG should definitely be on our list for legal action along with FT and the BoD because they effectively forced AML to default on the payment by stopping them using the funds in the joint account. Then they pounced. So they engineered the whole situation.