Thanks for the April 10 article. I had missed it and I think it is quite positive for CFE and the future of Timis Marampa.
It is standard procedure (at least in Australia) for an Administrator to terminate all company employees and then re-hire those required. This isolates the liabilities of AML vs those incurred by the Administrator. Timis would have picked up this high priority liability as part of acquiring Timis Marampa mine. On Friday Apr 10 Timis announced they will pay the workers and the Government has checked the calculations. A couple of days delay is no big deal especially when big discussions are likely ongoing with re: "Yimis finalizing contract arrangements with national haulage and mining contractors" and "re-hiring". The AML train haulage solution was a 3 month deal so makes sense that they sent the boys home until a permanent haulage/shipping is sorted. I am sure Mr Sage will issue an update press release as soon as Timis has completed negotiations and the way forward is clear.
CFE Price at posting:
4.3¢ Sentiment: Hold Disclosure: Held
