what the heck is imic up to??, page-4

Hi (ninelives)

I have posted several times about IMIC and AIOG.
They have very little cash. Have some high profile people behind them and some very shady people involved with them.
This group are the group who are involved in the shady dealings with the past Guinea Government. They are suppose to be going to fund the Rail and Port with The Guinea Government arm SPV Simfer.
company announcement: AIOG and SOGUIPAMI form JV for 51% ownership of Simandou South Infrastructure Company SPV Simfer.

Dated May 25th 2012.

This follows their earlier agreement announced on December 5 2011, SOGUIPAMI will own 60% and AIOG will own 40% of IMG.
IMG is the joint venture company that will own the Government of Guinea's 51% interest in SPV Simfer, that will build, operate and own the associated infrastructure including the railway and deep-water port,for the Simandou South iron ore mining project. Rio Tinto, Chalco and International Finance Corporation will each have interest in the remaining 49% of SPV Simfer. Each of the shareholders in SPV Simfer will be expected to fund the cost of the infrastructure pro-rata to their shareholding.

Commenting on this announcement, Ethelbert Cooper founder and chairman of AIOG, said "This is an important milestone in the development of the infrastructure required to monetize. (Side note) Look up Ethelbert Cooper.

Goes on to say production targeted for mis-2015.

Another report I posted on. Guinea Special Analysis, page 13.
SOGUIPAMI indirectly transferred part of Guinea shares in the Simandou infrastructure JV with Simfer SA and the IFC to Chinese companies.

SOGUIPAMI was finaly established in August 2011 and Ahmed Kante, a former mines minister was appointed the CEO of the State Mining Company. It didn't take long before the new State Mining Company entered into partnership with AIOG (African Iron Ore Group Limited) without any formal or transparent bidding process. The connection between AIOG and Mohamed Conde was facilitated through Arnaul Houndete. A delegation headed by AIOG President, Ethelbert Cooper, arrived for discussions in Konakry. In the delegation was also M.Bother, Vice President of Standard Bank in South Africa (25% owned by ICBC China).

AIOG and SOGUIPAMI formed in December 2011 a joint venture company named IMG (infrastructure Minieres de Guinee Holdings Ltd), SOGUIPAMI would own 60% and AIOG would own 40% of IMG. SOGUIPAMI and AIOG would work together within the framework of IMG in the development and the financing of infrastructure for the Simandou iron ore project.

Strikingly, at the time of the deal between SOGUIPAMI and AIOG, the market capital of AIOG was irrelevant and was looked upon dubiously by the mining community, while frowned upon by the IFC and Rio Tinto, the other partners in the infrastructure Company.

The agreement around IMIC and AIOG was formed on November 2011 (before the AIOG & SOGUIPAMI joint venture. The agreement granted IMIC an option to acquire 90% of the shares in AIOG. IMIC announced this deal with AIOG on April 2nd 2012. From April 19th IMIC had signed 3 agreements with Chinese companies: April 19th with China Railway Group Limited, April 23rd 2012- with China Machinary Engineering Corporation (CMEC) and April 24th with Metallurgical of China Limited.

It should be mentioned that in the summer of 2012, SOGUIPAMI signed two Mou's in China, with Gezhouba Group International Engineering Co. Ltd. (CGGC) and with Auspicious Team Investment Ltd.

The Market cap of IMIC at early 2013 is at their Record High, about $20 million. One is puzzled therefore to explain how such a junior player would have managed to convince the Guinea Government that it would be able to help fund the several billions of dollars required to finance their pro rata share of the associated Simandou South Rail and Port infrastructure development.

I said when I posted, that this is another HANLONG situation being worked by the Chinese.

This is quite a long report about Guinea and other deals like this one.

Regards
Westcott.