https://www.steelfirst.com/Article/3434921/African-Minerals-Londo...

https://www.steelfirst.com/Article/...he-fall-of-Sierra-Leones-iron-ore-sector.html

"Less than a fortnight later, PwC announced that it had sold the Marampa mine to Timis Corp for less than $10 million, with Timis putting forward $3 million of 'at risk’ money to secure the asset, and then paying a further $3 million for the mine itself. Some $230 million of London Mining’s debt was rolled over to Timis Corp as part of the deal.

Timis borrowed $20 million for the purchase from long-time friend and business partner Tony Sage’s Cape Lambert mining investment company to fund the purchase, in exchange for a royalty of $2 per tonne for four years........
...Timis is thought to have made back the value of his investment in the mine already through the sale of ten capesize vessels carrying a total of 1.4 million tonnes of Marampa’s high-grade ore, shipped out at a lower cost than London Mining could achieve through its barging solution, via African Minerals’ rail line.

A number of the cargoes of Marampa ore shipped by Timis Corp have been sold by UK-based trading company Gerald Metals, Steel First understands"

Hmm - more details that I wasn't aware of. What were our directors doing lending US$20m to a company that had taken on $230m debt? Why weren't our Royalties secured by a LOC over the ore shipments?