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Hi Yogiananda
Do you have a link, pls?
Jindal Group AFAICS has the most advanced would-be 'green ' steel plant in the Gulf (Oman) and has been sniffing around W Africa looking for a supply of ore...Guinea mainly, so far, IIRC.
TIA
IRH/IHC is the investment vehicle of Sheikh Tahnoun, UAE national security adviser; 'power behind the MBZ throne'; and Chairman of ADQ, the entity behind the recently- announced US$ 35 Bn investment in Egypt....
A 'serious player' , in other words;-> !
GLA
The Zambian Mopani deal that UAE/IRH undertook, is noteworthy as Glencore were the previous mine owner & this is a complex deal involving Zambian debt forgiveness & Glencore retaining some offtake rights. Which makes it a significant transaction involving Glencore & the UAE working together in a major African mining project.
https://www.reuters.com/markets/commodities/zambia-selects-uaes-ihc-unit-new-partner-mopani-copper-mines-2023-12-01/
NEW DELHI/BENGALURU, March 19 (Reuters) – Leading Indian steel producers, including JSW Steel Ltd and Tata Steel Ltd , are expected to invest billions in a record capacity increase to benefit from rising domestic demand in one of the world's fastest growing economies.
The IHC unit's interest is spurred by an aggressive push by cash-rich oil majors United Arab Emirates and Saudi Arabia to secure critical metal supply in Africa, as they bid to diversify their economies and engage with energy transition.
Middle East investors are pitted against Chinese companies in Africa, including state backed firms, also aggressively pursuing deals in Africa to strengthen China's grip on minerals required to power a rapidly expanding domestic electric vehicle manufacturing sector.
EMR Capital's binding deal agreed directly with JHCX technically precludes it from entertaining any new offers, one of the sources said. Still, EMR is aware that IRH is interested in buying the assets and that the UAE firm has officially informed the Zambian government and ZCCM-IH of its interest, two sources said.
While its interest is now widely known within the Zambian government circles, the UAE firm hasn't presented a formal offer to EMR on the Lubambe stake, one source said.
EMR declined to comment. IRH and IHC didn't immediately respond to emailed questions.
IRH has gatecrashed once before. It staged a last minute buyout of a 51% stake in Zambia's Mopani Copper Mines last month, its first mining deal in Africa's second-largest producer of the metal that is key to products from power lines and industrial machinery to electric vehicles.
The Abu Dhabi firm became the Zambian government's preferred investor for Mopani mines ahead of Sibanye Stillwater and China's Zijin Mining Group , which had been short listed for the assets after a protracted selection process.
Some useful links & comments Extrader. I note we have 4 working days left of Q1, nearly 94% of Q1 having now passed.
Denis. The absolutely last thing we need is for Denis to leave the scene & we are plunged straight into a West African succession struggle. The last civil war ended only some 25 years ago with Denis allying with the Angolan army & elements from the Hutu militia. Potential successors have good reason to fear Denis senior, less so Denis junior. As ever Elphick & Co need to stop prevaricating & get signatures on contracts asap, frankly they have had enough time.
AD Ports. What is the status of UAE in the Zanaga development, at one stage last Easter it looked like they were working together with the Saudis, now who knows? If they don’t get a slice of the mine equity/offtake will they go ahead with their port development? If not then, maybe the Chinese.
Glencore. Last financials were messy, dividend cut, share buyback stopped. They need to find substantial funds: to pay for Teck’s coal assets by Q3 & then they need further funds to recapitalise both companies emerging from their proposed demerger in 2025. I suspect by necessity they are sellers of equity stakes in non-core companies like ZIOC, provided they can obtain a NPV related price. Potential secondary purchasers would be Nippon Steel & possibly UAE - particularly if the Saudis emerge as the single strategic investor of the primary stake from ZIOC/Zanaga.
And Big Den is looking a bit doddery in this clip of 11 hours ago...
https://twitter.com/brazzanews
As the caption says, 'No comment'.
GLA
Meanwhile, Little Den has just tweeted about his meeting today with Brazil's Ambassador to C-B, ..."to discuss bilateral relations ...and... the different avenues to explore to energize our partnership and give it new impetus.
At the end of this fruitful hearing, we agreed on a set of concrete actions to be implemented in the coming months. The objective is clear: to intensify our exchanges in all promising areas, whether it is the economy, education, culture or even health...."
Thanks for this!
.."UAE-based companies have focused primarily on Africa’s better-developed economies where strong infrastructure and economic expansion are stoking demand for energy, according to Sandile Hlophe, head of government and infrastructure at EY Africa.
They include Egypt, Morocco, South Africa and Kenya, which in February became the sixth country to sign a special free-trade agreement with the UAE, following economic heavyweights like India and Indonesia..."
C-B doesn't meet the first condition (better-developed economy - au contraire, with current news of 'load-shedding' and other signs of mismanagement), but it DOES appear to meet the second - 'special free-trade agreement' - if that's what the recently-signed CEPA amounts to.
https://www.thenationalnews.com/business/economy/2023/12/28/uae-and-republic-of-the-congo-finalise-terms-of-cepa/
AD Ports certainly needs to find SOMETHING to do with its PN port concession.
GLA
Whilst we wait for the kettle to boil, I had a look at GLEN's latest thinking on emissions, as reflected in its just-released 2024-2026 Climate Action Transition Plan, see
https://www.glencore.com/publications
It's already dropped Zanaga from its Resources reporting, per last A/R. On the assumption that any change in stake in ZIOC is likely to be downwards - if not out - that exclusion will presumably continue.
In this report, it specifically excludes 'third-party' emissions caused by anything it sells to others...and it's 'too early to say' anything about the implications of what it might be producing if/when the latest Teck Resources acquisition goes through.
So , all in all, pretty much of a 'nothing-burger' , you might conclude.
The only bits of interest that I saw were (1) its differentiation between thermal and steel coal; and (2) its (implied) view of rate of take-up of 'green ore'.
The relevant bits are :
(Speaking of Teck).."When assessing the merits of the transaction, we acknowledged the important distinction between thermal coal and steelmaking coal. We concluded that while not a metal, steelmaking coal is an important transition-enabling commodity as it is an essential input into much of the world’s steelmaking in its current form. Steel is necessary for constructing transportation and infrastructure such as ocean-going vessels, rail, bridges and buildings, as well as energy transition infrastructure including wind turbines. ....
.....In the event the demerger does not proceed, we will assess how best to integrate the EVR [ Ed.: Teck] assets into our climate transition strategy, recognising that THE TRANSITION AWAY FROM STEEL-MAKING COAL for steel production will be slower than thermal coal, given the important role steel is expected to continue to play in supporting the construction of transportation and renewable energy infrastructure, AND THE EXPECTED LIMITED AVAILABILITY IN THE MEDIUM TERM OF ALTERNATIVE STEEL PRODUCTION TECHNOLOGIES THAT DO NOT REQUIRE COAL."
GLEN's view appears to be sceptical about the short-term impact of hydrogen - whether green, blue , grey or black - forcing mills to 'up their game' in the interim by looking at the other way of reducing emissions materially, DRI with high quality ore.......
On the face of it , then, no adverse implications for a ZIOC/Zanaga deal, AFAICS, if anything some cautious optimism.
GLA
Has beardozer hacked your account? 😅🤣
Or has anyone else got a bad feeling about this?
I do hope I'm wrong 🤞🏻
ATG; when this comes good, I dont think I shall need to be on these boards again....but for now as usual...alwayshoping :-)
Who will wake sleeping beauty from her '100 year' slumber? A dashing Arabian Prince?
A request for you alwayshoping, when this comes good please change your board name to AlwaysKnewIt 😁
Driving....hopefully you have had no response from the company as they are really busy compiling a very long and detailed RNS re the future of the company....and ours as well haha.
As usual...alwayshoping
Guess it must be the remaining shard placement shares being placed…
News, news, give me news…
Ps I’ve emailed the company 3 times this week!!
Gla.
Nope. still holding all. I still trust that the updates promised soon in last RNS´s, will be good for me. Just my own personal opinion
That you slowly selling or what!!
lol.
Gla.
Driving I agree 100% with your list of what we are owed. But I think/hope its all being held back because of 4) Strategic Partner. The terms of that deal will change the entire FS & revised npv calculations. So it makes sense to wait for 4) before releasing those.
That said we are owed an update by next Thursday whatever.
Alt-
Or someone as “straight shooting” as Elphick as its chairman.
I remain confident, just wish the price+volume was rising in anticipation…!
Most AIM companies don't have Glencore as the largest shareholder.
Hoping for some genuine news -surely this will not join the line of ever expanding AIM companies that promise a lot and ultimately deliver nothing
Accies- also outstanding-
1) CEO introduction statement.
2) port MOU.
3) shard placement update.
4) STRATEGIC PARTNER update.
5) part 2/advanced costing update/BFS
6 trading days to go…