African Minerals – Richard Jennings V Evil Knievil – who will be right?

Well, AMI just released their interim results and it sure doesn’t read to me likey they are about to call in the receivers (as was postulated last week by the fat one). Indeed, the following 3 lines stand out like a beacon – 

“We are absolutely focussed on ensuring the financial health and strength of both the operating companies and African Minerals Limited on a long term basis.

Management review of project economics concludes that the project is expected to be cash flow positive, even in the current depressed iron ore environment, by year end

The Company and Project continue to assess appropriate options to address the medium and long term funding requirements from a strong operational base”.

With Northcroft Trading, the vehicle of a Swiss billionaire on board with over 6% of the stock, and likely looking to make multiples on their in price, I am very happy to be long, particularly given the “spoofer” of 3m shares in the closing auction last night that clearly is short and somehow needs to cover… 😉

R Jennings

CLEAR DISCLOSURE – RICHARD JENNINGS & TITAN FUNDS ARE LONG AFRICAN MINERALS AND YOU SHOULD NOT TAKE THIS PIECE AS AN ADVOCATION TO BUY (OR SELL) THESE FINANCIAL INSTRUMENTS.