Historical Context: Collapse of African Minerals in Sierra Leone
What happened
A review of African Minerals Limited, a London-listed iron-ore miner, details its financial collapse between 2011 and 2014. The company's market value fell from approximately US$3 billion to about US$51 million when trading was suspended in November 2014, according to figures reported by Awoko newspaper. The company carried US$766 million in debt at the end of September 2014, which included a defaulted convertible bond.
From riotimesonline.com
Why it matters
The collapse of African Minerals is cited as a background case study shaping how investors view the mining sector in West Africa. Following the debt issues, Shandong Iron and Steel Group, the company's Chinese partner, purchased the remaining 75% of the Tonkolili project for a reported US$170 million or more.
From riotimesonline.com
Who's involved
- African MineralsLondon-listed iron-ore miner whose main project was located in Sierra Leone
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- African MineralsSpeculative
The historical collapse might affect investor confidence and investment in the West African mining industry.
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The entities involved
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Sierra Leone
sovereign state in West Africa
Related events
- Sierra Leone is a focus country for a project initiated by the Rockefeller Foundation aimed at improving energy access across Africa.
- A conference was held in London for the Sierra Leone diaspora, where Remoe discussed investment opportunities in the country.
- The Government of Sierra Leone announced support for businesses to scale and create jobs.
- The Ministry of Health in Sierra Leone has launched a national health campaign.
- A drug shipment originating from Sierra Leone was intercepted near Morocco.