Sable Mining (SBLM), the AIM listed piece of Turkish run by Andrew Groves - the long time business partner of ex cricketer Phil Edmonds has been forced to deny that he has been indicted for trial on charges of bribery and corruption in Liberia. Okay Andy whatever you say....
Yup I am still clean and 99.9% of the time very glad to be. But I know that if I have just one fag it will be all over. So I will not. I digress. Today's podcast covers my little internet difficulties here in Kambos then goes onto Aureus Mining (AUE), Circle Oil (COP), IGAS (IGAS), LGO Energy (LGO) and Gulf Keystone (GKP). Finally I urge regular listener Marcus Stuttard, head of the oxymorons at AIM Regulation, to read the utterly shocking Phil Edmonds and Andrew Groves tale HERE as it shows what a shite job the bogus Sheriff is doing.
African Potash (AFPO) was one of seven companies listed on the AIM casino by former England cricketer Phil Edmonds and his business partner Andrew Groves. My attention has been drawn to a recently published dossier on the two men which can only be described as utterly explosive. On the basis of what is in this dossier any company associated with the two looks to be, pro tem, 100% uninvestable.
Last week, when writing about joke silver prospect Arian (AGQ), I promised to highlight another miner with almost ten times the market cap and even lowlier prospects.
Sable Mining Africa (SBLM), the AIM-quoted company founded by veteran Zambian-born cricketer and entrepreneur Phil Edmonds, has for long suffered in investors’ appraisal because of its heavy involvement with iron ore, which now trades in the $50 a tonne region, a third of boom-time peaks. But its shares enjoyed a spike the other day on a memorandum of understanding (MOU) signed with CITIC Group, the People’s Republic of China’s overseas investment corporation, to establish a 600-megawatt central African power station at the company’s Lubu coal project in Zimbabwe.
Iron ore is hardly flavour of the month in metal markets, China’s well-ventilated economic woes having sent the price down from nearly $192 (£138) a tonne in 2011 to a recent $44 before reaching $53.210c a tonne now. But AIM dog Sable Mining Africa (SBLM) is disposing of coal and other ‘non-core’ assets to concentrate on its West African Nimba iron ore project in south-east Guinea.
A recent 6% bounce in iron ore prices at the Chinese port of Tianjin to $53.3 a tonne may or may not prove to be the harbinger of a significant rally in the metal’s depressed price after falling from $110 a tonne last summer to a recent low of $44.10c. But it might bring some comfort to bombed-out Sable Mining Africa (SBLM), which has announced sine encouraging metallurgical test results from its key Nimba iron ore project in the West African state of Guinea.
Analysts expect Africa-focused resources logistic specialist Atlas Development & Support Services (ADSS) shortly to report a turnaround towards profitability, fuelled by last year’s acquisition, Ardan Logistics Kenya, as the AIM-quoted company seeks to clinch new, larger contracts with major mining groups and scouts new takeovers.
Depressed iron ore prices and a heavy capital expenditure programme, not to mention the ebola virus, had pushed shares in Guinea-focused iron ore play Sable Mining Africa (SBLM) through the floor not so long ago, sending them crashing from an 11.25p year’s high to 0.65p, as the bad news seemed to pile up. Now, however, they have rallied to 2.05p, helped by an ‘Infrastructure Development Agreement’ (IDA) with the government of Guinea’s West African neighbour, Liberia, to facilitate the shipment of iron ore from Sable’s key Nimba project by rail 270 km. to the Liberian port of Buchanan.
‘The vultures are circling,’ declares Ed Marlow, chief executive officer of African Potash (AFPO), as he weighs alternative strategies for exploiting the AIM-quoted company’s promising Lac Dinga potash project in the Republic of Congo without giving too much away. He says he expects ‘something will happen in the next month.’