A row has broken out between two friends and business partners. Tony Sage and Frank Timis are both Australians involved in the mining business. While Tony Sage is CEO of Cape Lambert Resources and iron ore miner with concessions in Sierra Leone, Frank Timis was also the CEO of African Minerals another iron ore miner in Sierra Leone.
When the Iron Ore prices fell back in 2014 it led to the crashing of African Minerals and also London Mining which was the second producer and exporter of Iron Ore in Sierra Leone.

Whereas African Minerals was taken over by the Chinese miner ‘Shandong Steel,’ Frank Timis somehow bought over London Mining with a company named Timis Mining.
Now Sage of Cape Lambert has sued in a Sierra Leonean High Court in a bid to recover a $10.5million from Frank Timis his Timis Mining and Graig Dean and Gerald Metals.
Sage said a week ago “We have been patient in trying to settle this matter through consultation, however to recover the $US8 million loan plus interest and the outstanding $US2.5 million royalties this action appears to be the only avenue available to us.”
Apparently, this dispute dates back to a 2014 deal where it is alleged Cape Lambert provided Timis Mining with $US20 million to help pay for the acquisition of the Marampa Iron Ore mine ‘London Mining.’
“The mine began production in late 2014 and in January 2015, Cape Lambert received its first quarterly royalty payment of $US400,000 from Timis. But the payments then ceased despite eight more shipments of product, which should have netted Cape Lambert another $US2.5 million in royalties. In April 2015, the mine closed.”
The court made orders as follows:
1. Mr Craig Dean (First Defendant), Gerald Metals Limited (Second Defendant) and Mr Frank Timis (Third Defendant) (jointly the Defendants) whether by themselves, and/or through their principals and agents, are restrained from liquidating Timis Mining Corporation (SL) Ltd (Fourth Defendant);
2. Counsel for the Company has served the Defendants with a Writ of Summons against them instituting this action as well as all documents in respect of this matter; and
3. Costs in the cause.
The court made orders as follows:
1. Mr Craig Dean (First Defendant), Gerald Metals Limited (Second Defendant) and Mr Frank Timis (Third Defendant) (jointly the Defendants) whether by themselves, and/or through their principals and agents, are restrained from liquidating Timis Mining Corporation (SL) Ltd (Fourth Defendant);
2. Counsel for the Company has served the Defendants with a Writ of Summons against them instituting this action as well as all documents in respect of this matter; and
3. Costs in the cause.
Mr Sage said Cape Lambert had been negotiating with the relevant parties in good faith but was had to act when it became aware of a transaction which resulted in 75 per cent of Timis Mining being transferred to Gerald Metals. Cape Lambert argues the parties did not seek its approval for the deal, thereby breaching the terms of its original agreement.
Complicating matters is an attempt by Gerald Metals to put Timis into liquidation, which Cape Lambert also opposes. The company is also hoping to stop Sierra Leone’s National Mineral Agency from cancelling Timis’ mining licence.
Mr Sage said the legal action was aimed at protecting the interests of Cape Lambert shareholders. He said he had not spoken to Mr Timis about how the change of control transaction with Gerald proceeded.

Source: awoko.org

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