African Minerals Ltd said its Chinese partner Shandong Iron and Steel Group last Monday agreed to release $6.7 million from the project’s restricted bank account in Hong Kong, originally created to fund the expansion of Tonkolili.
The money has been used to cover January salaries and taxes. An earlier $13 million was released to take care of December salaries and taxes leaving an approximate $82.4million in the account.
In December the Iron Ore miner sent home its staff, maintaining a skeleton who are charged with care and maintenance of the multi million dollar facilities in Tonkolili.
The Company also last week sacked all its London staff as it battles to find new investors it can partner with to run the mines which is suffering from depressed world prices for iron ore.
Trading of the Company’s shares was suspended last November after the Company failed to pay interest on a $250 million loan.
Friday February 06, 2015