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Delay in recosting excercise. Now due mid April!!
Oh no - evalauating contractors' steam powered calculators have run out of water.
Replenishment expected from Gobi desert "shortly".
Who gives a toss about a meaningless re-costing exercise anyway??
Market is demanding material developments not more paper shuffling FFS!
I doubt Jumelles who is under Glen control would spend a single penny on re costing exercise unless they have a plan with it
Agreed. I expected this and hope more concrete news will accompany this recosting exercise in the next couple of weeks...
I think/hope this is may be a case of 'less is more'.
We're referred back to the Sept RNS that announced this (slightly delayed) re-costing exercise . That RNS then updates as follows :
"· Strategic investor discussions
o Approaches received from a number of strategic investors interested in investing in the Zanaga Project
o Discussions remain at a very early stage and there is no certainty that these discussions will proceed or a transaction ultimately entered into
· Other opportunities under investigation
o Multiple Chinese entities introduced by China Overseas Infrastructure Development and Investment Corporation Limited ("COIDIC") in order to explore opportunities for Chinese involvement in construction of the Project
o Opportunity being explored for potential development of a steel production facility within COIDIC's Special Economic Zone ("SEZ") at Point-Noire
o Yantai Port Group introduced by COIDIC to consider logistics synergies "
Today's RNS comes the day that C-B's Constitutional Court meets to decide various challenges to the recent election results that (cough) provisionally gave Nguesso an 88.7% mandate.
Let's see what happens.
In Boat Race terms, we may (repeat 'may') be ' in the short strokes'.
https://idioms.thefreedictionary.com/short+strokes
IMO
GLA
"Less is more." I agree. Not even an attempt at obfuscation.
We are already well into April. Time for the short strokes!
PS
May be a coincidence , but 'read-across' co Kore Potash KP2 has today announced an MoU for the full financing of its proposed $ 2.2 bn Kola project
https://www.lse.co.uk/rns/KP2/mou-to-arrange-full-financing-of-kola-construction-mvbt9962q7i3ukt.html.
Worth looking at their proposed structure and think about how/whether this would work for Zanaga.
HTH
I think they are waiting to release hopefully a more detailed plan and investor info. For me originally this cost update should be due at end year update and we got nothing. I doubt they would bother sending out todays statement if it really was only related to ingeneer firm finalizing the update. Then IMO they would just wait another 1 or 2 weeks to send out the cost update. they had 6 month to do it now. My guess is also if consulting job went 4 months overdue vs end year update, it seems strange
"Who gives a toss about a meaningless re-costing exercise anyway??
Market is demanding material developments not more paper shuffling FFS!"
Given plenty on here were saying what is happening, no contact etc.
I think that was just an 'I am alive' RNS to let us know that it is not just party season in Dubai.
Aberdeenman
Absolutely right Aberdeenman.
There was nothing to say so he's just given us an RNS as a courtesy or you could say as he is obliged to do so to let us know he is still alive BUT there is no news yet.
Hi Extrader,
Yes, the MOU on financing RNS today from KP2 is I think very significant for ZIOC, if only because the government had been pushing KP2 to get moving - and will now be putting pressure on ZIOC and Glencore to do the same.
The details of the planned financing are also interesting, as a similar format could well fit Zanaga too.
"Who gives a toss about a meaningless re-costing exercise anyway??"
I think today's MOU RNS from KP2 shows how potential financing of any project depends on having current costings. I am still hoping for a sale sometime this year, but I have a feeling we will be moving towards a JV development of the mine.
I've always said and believed that little Zioc will not be a part of any mine development.
The plan is to be bought out by whoever. My hunch is a share swap with Glencore - maybe 3 Zioc to 1 Glen. This gives Glen a greater negotiating position with anyone wanting to buy the project outright.
I said 3-for-1 trying to be conservative but could be better than that for Zioc. All depends on the level of interest in the project and number of interested parties.
I have the complete opposite view.
I do not think there will be any JV and hope we will be bought out this quarter.
No factual basis for this - just a feeling.
Glen have already said they are likely sellers of the project so I can’t see little old us being part of any mine development.
If that’s Glen then fair enough but I think they’ve had their chance and that’s now lapsed.
I’m hoping for a Glencore led sale of 100% of the asset. That way we know we get the top price and ride on the coat tails of a mining giant in doing so.
£3 will do for me!!! £1bn net to ZIOC. Cheap compared to Simandou.
Folks,
The re-costing exercise is a vital component to attract any investor. It was undertaken because it is expected to come out a lot cheaper than the original one done. Not investor would even entertain this without it.
IMO this will be good news at it will remove one more barrier to either investment or sale.
regards,
Glencore I assume are hard negotiating businessmen, so I can't see them letting this go on the cheap.
Yes £3 would be good, but I need a bit more to buy a place I have seen in Lytham St. Annes, overlooking the windmill and the sea.
They sellers of this will wonderful property will not be letting it go on the cheap either.
Must admit, I'd prefer a clean exit.
More to the point, I'm sure Elphick ( now 60) would , too .....
He just has to remember to include warrants or similar to 'capture' a bit of our tag-along rights !
AT : if you're reading, pls note !
Nice spot popples, I know exactly where you mean.
In terms of share price appreciation after the KP2 deal announcement, it seems a little underwhelming at some 30% - for the deal they have been waiting for X years!
An MoU is 'talks about talks'.
A Heads of Agreement is 'let's take/make some notes'.
A 'Co-operation Agreement' is let's have a meal or two together...and alternate in picking up the tab.
.An 'Agreement in principle ' is when the head honchos shake hands, after sounding out key shareholders or political bosses.
An Agreement is what happens after 'the money', the 'who/whom ?' and various 'stakeholders' have been squared.
AIUI
;->
"In terms of share price appreciation after the KP2 deal announcement, it seems a little underwhelming at some 30% - for the deal they have been waiting for X years!"
Its only a MOU at present - an arrangement with potential partners to look for finance after a costing exercise that will take the next 9 months, so nothing will be confirmed until 2022. That may explain the slightly underwhelming market reaction.
Its a step in the right direction though, and KP2 have given more information about their potential path to funding and investment in one RNS than all the the last three years of Zioc's. All we have had from Zioc are vague mentions of possible strategic investors.
That has to change soon. - the government will insist on it That is now two projects in the country that have leapt ahead of Zioc this year as regards defining their pathway.