 On 16 August 2007 the AIM-listed company was renamed African Minerals Limited (AMI.L) to reflect these other interests., On 15 March 2010 AMI announced an initial Mineral Resource estimate of over 10 billion tonnes of iron ore (independently valued) at an average grade of 29.9% Total Iron in the Numbara and Simbili targets at Tonkolili.Timiș, who is executive chairman of the company, increased his shareholding to 34% in June 2006 and to 34.6% (40,875,002 shares) in September 2006. the entire company was worth £45m (US$65m).In 2015, Frank Timis together with then CEO Alan Watling and CFO Matthew Hird took African Minerals into administration.