Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Buccaneering Frank Timis’s African Minerals (AMI) may have put its 12.8 billion-tonne flagship Tonkolili iron ore project in Sierra Leone on care and maintenance and had its shares suspended at a small fraction of their float price as the company pursues urgent negotiations about its financial future. But Sula Iron & Gold (SULA), with a somewhat more modest West African iron ore project next door to Tonkolili at Ferensola, is taking a determinedly upbeat view of its own prospects, in the wake of a 50% increase in Ferensola’s technical value in 12 months to $56 million (£37 million), accorded by ubiquitous consultancy group SRK.
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