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Au contraire.
The encouraging last para reads :
.."Despite the current economic crisis, building the two dams mentioned above is a necessity if Congo really wants to diversify its economy, notably through industrialization within the SEZs. This will, however, require the mobilization of funding, particularly from financial partners such as the World Bank and the ADB...
It's a rare, but welcome admission that C-B needs international (not just Chinese) finance, even if it comes with strings and oversight.
If Washington is indeed in a 'hearts and minds' battle with China for influence in Africa (see Kenya Pres Ruto's upcoming visit to the US), this - or other investment - would be a good way to proceed.
www.barrons.com/news/biden-to-host-kenya-s-ruto-for-state-visit-in-may-white-h…
"US President Joe Biden will host his Kenyan counterpart William Ruto on May 23 for a state visit aimed at boosting ties with a key East African ally, the White House said Friday. Ruto, who will be accompanied by his wife Rachel, will be the first African leader to receive a state visit at the White House since Biden took office in 2021."
He'll also get to address Congress, on the 2 countries' 60th anniversary (coincidentally, like China / C-B).
Maybe too little , too late for Biden/the US, but shows that they're aware that they're losing ground.
OOps article wasn't what i thought it was
Https://vox.cg/la-construction-des-barrages-de-shole-et-sounda-comme-solution-au-deficit-en-electricite/
The electricity deficit throughout the national territory remains a worrying issue despite the colossal investments made by the government in the energy sector, with the construction of several hydroelectric dams and gas power stations. The construction of the Sholé dams, in the Sangha and Sounda dams, in the Kouilou department, presents itself as a lasting solution to the problems of electricity supply in the Republic of Congo.
National electricity production is estimated at 713 megawatts including 19 megawatts for the Liouesso dam, 120 megawatts for the Imboulou dam, 74 megawatts for the Moukoukoulou dam, 450 megawatts for the Congo power station and 50 megawatts for others. gas power plants in Pointe-Noire. Note that Congo also receives around 50 megawatts from the National Electricity Company of the Democratic Republic of Congo (DRC).
Considering the problems of load shedding and untimely electricity cuts in the two largest cities in the country, namely Brazzaville and Pointe-Noire, this production is insufficient; since the question of electricity continues to arise acutely.
According to figures from the Société Energie Electrique du Congo (E2C), Brazzaville consumes 200 megawatts and Pointe-Noire 180 megawatts. For example, with a production of 500 megawatts, load shedding and power cuts in Pointe-Noire are justified by the defect of the distribution network.
Based on this deficit which penalizes households, businesses and even industries in these large cities and the entire country, and in the perspective of the establishment of Special Economic Zones (SEZ), the construction of the Sholé dams in the department of Sangha, with an estimated production of 600 megawatts and that of Sounda in the department of Kouilou, for which World Bank estimates indicate 545 megawatts, is essential.
In addition to the construction of these two hydroelectric power stations, the construction of transmission lines, with the interconnection of these two electrical infrastructures, would contribute to resolving the eternal question of the deficit in the supply of electrical energy to the Congolese population, plagued by problems of power cuts since 1997.
While awaiting the completion of construction work on the Sholé and Sounda hydroelectric dams, it is imperative to reinforce the electricity transmission line which has existed for several years between Pointe-Noire and Brazzaville with a second line for which the cost of the work would be estimated. at around 60 billion FCFA.
As for the Special Economic Zones under construction, the demand for electricity is enormous and is distributed as follows: 700 megawatts for the Special Economic Zone of Pointe-Noire, or the current electricity production of the entire country; 300 megawatts for the Oyo SEZ; 200 megawatts for Ouesso and 100 megawatts for the Maloukou industrial zone.
You're toast.
.."I look forward to bringing them up with Elphick and Knauth..."
I've no feel for Knauth, but Elphick strikes me as a straight shooter who will, if anything, be embarrassed by this.
Hence my concluding observation
" And unfortunate timing, to say the least."
Squirm worm
Thanks for Eddsy for highlighting the key phrase :
.."The FCA noted that Shard Capital contacted the regulator about the matter last year after discovering the existence of several documents “as a result of evidence disclosed by another party in court proceedings.."
So something that Shard's internal controls should have picked up in December 2019 (did they or didn't they ? - either way, not a good look - and what about those dealings from 2015-2017?) is made public (ie readily discoverable by the authorities) and Shard (aware of the original enquiry re 2015-2017) then contacts said authorities .
I believe that that's usually described as asking for 'other offences to be taken into consideration." aka 'managing reputational risk'.
The FCA then agrees a discount on the fine and chalks up a (for it, rare) win.
Misleading the auditors AND misleading the customers? Where does that leave Internal Audit and the Relationship Manager(s) throughout these events?
I no longer subscribe, but fully expect this to be covered in Private Eye ('In the City') at some point.
HTH
Screen print
new file
drag and drop
fun times
It appears that extrader has now made libellous insinuations against the company’s broker.
I look forward to bringing them up with Elphick and Knauth.
Shard threw James Lewis under the bus, which is what should happen to extrader for being a disingenuous little sh*t.
'...Shard Capital, which has not been accused of wrongdoing, said: “We welcome the completion of the investigation into James Lewis, which we have been supporting throughout. As highlighted in the FCA’s final notice, Mr Lewis has not held a senior management function at Shard Capital for over two years.”
Lewis and Windhorst did not respond to requests for comment.
The FCA also fined Lewis £120,300, allowing him a 30 per cent reduction after he agreed to settle the matter.
The incident in which Lewis “risked misleading” a company’s auditor is one of two breaches flagged by the FCA. The other concerns a December 2019 transaction in which a client of Shard Capital instructed it to transfer $18mn of cash held for one of its “connected companies” to “its own account with Shard”.
The FCA noted that Shard Capital contacted the regulator about the matter last year after discovering the existence of several documents “as a result of evidence disclosed by another party in court proceedings”.
https://www.ft.com/content/801e5e9d-1d5e-43cc-8f13-ea666cd7d101
Then open the door and let us in haha. :-)
.... νομίζω ότι έχω το κλειδί
The Saudis arrived in Pak'istan at the weekend, looking to invest in Reko Diq, Barrick's monster copper-gold project.
Twofold significance to us. Firstly, Reko Diq is in the adlands where Pak'istan meets Iran and Afghanistan, so no problem with domain for the saudis. Secondly, the Saudis are thought to have $1bn for their supposed 20% stake, though Barrick talk of $10bn for the whole. Either way Manara Minerals have the cash for the right project, no matter where it is.
https://www.mining.com/web/saudi-manara-minerals-team-in-****stan-for-talks-on-reko-diq-mine-stake-document-shows/
the saudis arrived in ****stan at the weekend, looking to invest in reko diq, barrick's monster copper-gold project.
twofold significance to us. firstly, reko diq is in the badlands where ****stan meets iran and afghanistan, so no problem with domain for the saudis. secondly the saudis are thought to have $1bn for their supposed 20% stake, though barrick talk of $10bn for the whole. either way manara minerals have the cash for the right project, no matter where it is.
https://www.mining.com/web/saudi-manara-minerals-team-in-****stan-for-talks-on-reko-diq-mine-stake-document-shows/
Very well worth following Marty on LinkedIn for a real insight into his thinking and direction, such as Steel Times International's post on the MENA Green Steel Summit this September, bringing together the worldwide value chain for green steel:
Steel Times International - 5 464 abonnés 15 h.
'MENA Green Steel Summit 2024, scheduled to be held on September 25-26 in Dubai, is a two-day international conference and mini expo aiming to bring tremendous steel experts and decision makers across the industry value chain worldwide sharing market intelligence and insights into how the future green steelmaking is evolving, greatly supported by speakers from World Steel Association, ESTEP (European Steel Technology Platform), IEEFA Asia Pacific, Arabian Gulf Steel Industries LLC, Emirates Steel Arkan, Jindal Steel & Power, EI Marakby Steel, Vale, Citi Group and SHS – Stahl-Holding-Saar GmbH & Co. KGaA, etc. and expected to be attended by approximately 200+ delegates worldwide.'
Marty also like something very specific, a post from the Guinea Mining Ministry in which Simandou was on their agenda.
Adding a little to that love in, alwayshoping, direct flights to start between Beijing and Riyadh:
King Khalid International Airport in #Riyadh launches a direct flight connect to the #Chinese capital, #Beijing
https://twitter.com/EKHNews_EN/status/1787704863473770531
Of note and perhaps more than coincidental is that direct flights are also planned between Dubai and Brazzaville.
""The company said the agreement strengthen the comprehensive strategic partnership between Saudi Arabia and China, established during the Chinese president’s visit to the Kingdom in December 2022.""
The big question is; will it be a strategic partnership between Saudi Arabia and China that finally acquires Zanaga. ??
https://www.arabnews.com/node/2505541/business-economy
As usual.....alwayshoping.
Marty 40/4 and SCP 28/3.
Bonus question:
Who wrote and when?
'(Zanaga) is without doubt a world class iron ore project, with a fantastic team and we look forward to working with them to unlock what we see as major potential value for shareholders.'
Who wrote and when?
'During recent engagements with RoC Ministries .. and potential strategic investors .. being the first mover in the region of high grade, low impurity iron concentrates for green steel production is strongly supported and makes for an exciting future for Zanaga.'
Marty's trail of breadcrumbs over on LinkedIn continues to give very strong pointers to ongoing FEED activity by the company.....and that means development news is nigh.
In the 30th April RNS Marty emphasised, '..the upcoming FEED phase will not only seek to validate and enhance our technical confidence but critically, develop Zanaga's management plans around environment, community, training, health, water, mine wastes and ultimate closure...'
Yesterday Marty 'liked' a MEC Mining's post on LinkedIn. 'When you select MEC to partner with you on your project ..'
MEC offer these services, which dovetail very neatly with Marty's comments (above and in the RNS):
'MEC Mining is a global technical consulting firm specialising in mining services capabilities across the project life cycle from early-stage exploration through development, mine planning, onsite management to mine closure and rehabilitation.'
https://www.mecmining.com.au/
ps://fr.linkedin.com/in/marty-knauth-49992235
https://au.linkedin.com/company/mec-mining
Huge numbers being tossed about here, including for Gulf 'green steel'.
UAE AND OMAN AGREE ON A $32 BILLION GREEN MEGAPROJECT
The project includes renewable energy initiatives and green steel production capacity..
https://gmk.center/en/news/uae-and-oman-agree-on-a-32-billion-green-megaproject/
Interesting. When even The Express starts talking 'high grade' you know the MSM is receptive to Zanaga news. Simandou's grade is 65.5% compared to Zanaga's 66% for Stage 1, 68.5% Stage 2 for a blended 67.5% .
The rag describes Simandou as, '..the world’s largest and highest-grade new iron ore mine.'
Marty Knauth says, 'Here, hold my beer'.
Our hard, development news is going to be explosive.
19:51, Fri, May 3, 2024 | UPDATED: 19:57, Fri, May 3, 2024
Incredible £5bn mega-project to build 235 bridges and 15 miles of tunnels in tiny country
To transport the iron ore, a new railway line will be constructed connecting the mountainous region to the coast.
A mega rail project in Africa has been given the green light and will provide much-needed investment.
Plans to develop a huge new iron ore mine have been given the go-ahead by authorities in Guinea.
Discovered back in the 1990s, iron ore deposits in the country's Simandou mountains will now be extracted after a deal was struck between Rio Tinto and the Singapore company Winning Consortium Simandou (WCS) - both of which hold majority stakes in the mining complex.
Simandou is poised to become the world’s largest and highest-grade new iron ore mine.
https://www.express.co.uk/news/world/1895485/train-line-tunnels-project-africa-Guinea
No smoke without fire? Banking analysts and media speculate that Glencore could bid for Anglo American, with some making the connection into iron ore marketing.
> We forget, but our 46% shareholder Glencore are very well motivated to see Zanaga developed. This will help them to a dominant position in marketing high grade iron ore for green steel.
Those analysts will catch up eventually, and when they do....
"Unlike BHP, Glencore could benefit from keeping Kumba and marketing iron ore, and Glencore may face less political pushback in South Africa..." Jefferies analyst Christopher LaFemina said in a research note on April 29, where he assessed different takeover scenarios for Anglo American.
https://www.reuters.com/markets/commodities/glencore-studying-an-approach-anglo-american-sources-say-2024-05-02/
The MSM and industry press has yet to join the dots from Green Steel to Zanaga, but when the spotlight does finally shine on Zanaga the resulting SP rise will be truly spectacular.
What will be the trigger? Just a snippet of news that connects any of the Strategics will do it - Baosteel, PIF/MM, whoever.
Marty name-checked 'green steel' in the RNS, and I'm now certain the company are going to major on that in upcoming PR. Then the media will join the dots...
'...This clash of big dirt and high finance suggests that Anglo harbours something worth fighting over. Its big mines indeed tick all the right boxes: high quality and low cost, with the potential to expand. They are also extracting the right stuff at the right time. One of Anglo’s main products is copper, which is in high demand, particularly as tonnes of it will be needed for the electrification of transport and power in the green-energy transition; the red metal’s price has risen by 15% this year. ANOTHER IS HIGH-GRADE IRON ORE, WHICH IS IN DEMAND FOR ITS USE IN FORGING GREEN STEEL...'
https://www.economist.com/business/2024/05/02/why-does-bhp-want-anglo-american