The Conversation (0)
African Minerals Gets $13 Million from Restricted Bank Account to Pay Salaries, Taxes
Jan. 13, 2015 06:38AM PST
Base Metals Investing The Mining Weekly reported that African Minerals Ltd.’s (LSE:AMI) partners in the Tonkolili iron ore project, located in Sierra Leone, have agreed to release $12.96 million from the project’s restricted bank account in Hong Kong.
The Mining Weekly reported that African Minerals Ltd.’s (LSE:AMI) partners in the Tonkolili iron ore project, located in Sierra Leone, have agreed to release $12.96 million from the project’s restricted bank account in Hong Kong.
As quoted in the market news:
The cash had been used to pay December salaries and accumulated taxes due in Sierra Leone.
In December, African Minerals was forced to place Tonkolili on care and maintenance, pending a $102-million cash payment from SISG or securing additional short-term funding.
The company said in a statement to shareholders:
These discussions remain the company’s utmost priority and while the African Minerals board continues to make every effort to advance them, there can be no certainty of future releases of funds.