Additionally, the new CEO is planning to strengthen the balance sheet and it will be very interesting to see how he will realize that, as I'm afraid there will be a substantial equity component part of every re-financing effort. Meanwhile, the company keeps transferring funds from the HongKong JV account to the African Minerals treasury to support the company's working capital position. $82M has already been wired in the past month, with an additional $161 being wired over the next few weeks and months. As expected, the company is under severe pressure during this downturn in the iron ore price.
African Minerals
has a good project, but unfortunately the declining iron ore price isn't really cooperating with the company's ramp up of the production. This has led to drastic measures such as withdrawing almost a quarter of a billion dollars from the HongKong JV account to its own account.
Hey there,
would you be kind enough to review how CFE and Africn Minerals are intertwined ...and the negatives and positives ...as you see them.
Much appreciated.
By the way, My wife holds some of these shares...and I picked up 100,000 this morning for the dividend...never expected to get them for 12.5 cts. But there you are. Paid too much for the others.
Meanwhile there does seem pressure on the SP and I can only think it has to do with the price of Iron Ore.
rae915
(20min delay)