Timis eyeing a switch to LSE
BUSINESSMAN Frank Timis is working on plans to move his mining company, African Minerals, from the Alternative Investment Market (AIM) to the London Stock Exchange (LSE).
Timis has previously described LSE regulators as “a kangaroo court” but now says he is about to hire new directors, auditors, legal firms and an investment bank to satisfy the market ahead of the company’s relisting.
Timis has previously been penalised by regulators when he was the head of Regal Petroleum. The firm was slapped with a record fine for misleading investors.
African’s LSE listing is expected to value the company at £4bn.
The firm last week announced a $1.5bn (£1bn) investment deal with Chinese steel-manufacturer Shandong Iron & Steel. The money will be used by the mining group to develop its Tonkolili mine in Sierra Leone, a project that chairman Frank Timis has said could become the largest iron ore mine in the world.
African Minerals has previously talked up the possibility of investment from several large mining groups. Eurasian Natural Resources Corporation was mooted as one possible investor, but a spokesperson for African Minerals refused to comment and talks with the firm are said to have ended.