African Minerals back in the red

African Minerals, the Aim-listed iron ore miner founded by the colourful former boss of Regal Petroleum Frank Timis, yesterday posted half-year earnings of $99m (£63m) and a net loss of $29.4m. Full-year sales guidance was reduced from 13 to 15m tonnes to 11 to 13m tonnes, due to operational issues with trans-shippers. “The reduced guidance for the year is a disappointment, while it also adds pressure to [the firm’s] cash position,” said Investec.