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Seems to me that this company will soon be 'in play' - for sale to the highest bidder. It has few employees of note and any competent CEO will not want TOR's job. The sale cannot happen until the APEC shares are legally back with their original owners as otherwise APEC might seek to frustrate the sale process. Any prospective buyer will need to review the value of the key assets and would base their offer on what they find. Obviously, offers could be above or below the current price and may be an offer in shares (of the bidder) rather than cash.

"Robust steel demand paired with iron ore production problems pushes the market into deficit; new capacity is waiting in the wings"

https://www.e-mj.com/features/iron-ore-prices-remain-relatively-high/

"The Management Board of Jastrzebska Spólka Weglowa (JSW) remains in contact with the Australian company Prairie Mining regarding the establishment of potential cooperation regarding coal projects. JSW informs that the confidentiality agreement expired on 28 September, but its extension is not a prerequisite for further talks. It is about the possible acquisition of concessions and assets of Prairie Mining in Poland."

https://www.wnp.pl/gornictwo/jsw-analizuje-potencjalne-scenariusze-wspolpracy-z-prairie-mining,357205.html

The solution is simple but will SXX do the right thing?

They lack equity capital and credibility. Solution sell 7+ Billion shares to one of the major miners (so they have 51% and control). For this they would pay a premium (for control) and provide the credibility (that SXX lacks) to borrow the remainder.

If they try discounted placings they will raise little money and still won't convince the capital markets.

The Chinese government has proposed to invest an additional $10 billion in different projects in Bangladesh’s power and energy sector, State Minister for Power Nasrul Hamid said.

https://www.daily-sun.com/printversion/details/436659/China-proposes-to-invest-10bn-in-different-projects

An interesting post in Polish regarding JSW / Prairie - 24/10 suggests the following:-

There are informal contacts between JSW and Prairie.

PDZ see no reason to extend the NDA as JSW has the information that it needs.

That "Prairie is waiting for a political puzzle after the election and will then decide whether this gigantic agreement will end in international arbitration."

The Polish Financial Supervision Authority was interested to know if anything needs to be disclosed to investors at this time. JSW could be fined for its silence if anything of significance is not reported.

Also, if talks ultimately fail ..... "Australians can demand up to PLN 10 billion. This is because they estimate not only the costs incurred but also lost profits from the potential reactivation of Debienska and the construction of the Jan Karski mine in the Lublin region"

https://biznesalert.pl/jsw-prairie-mining-kopalnie-koks-raport-biezacy/

Qingdao is specified as many (most?) benchmark - reference Iron Ore prices (both spot and futures) assume delivery is at Qingdao port (e.g. Platts and Fastmarkets). So if you are exporting to China and you want to calculate potential profits you need to include in your costs transport to Qingdao.

My opinion. At this low price Polo will buy more Convertible debt from GCM (with high coupon and discounted conversion price). A very cheap option for Tang.

There are contractual rights in the deal between Glencore and Zanaga, such that if Glencore were to sell their stake (in Jumelles BVI) the same terms must be offered to Zanaga (these rights are termed Tag-Along rights).

"China’s industrial metals imports, including iron ore and copper, surged in September fuelled by firm demand at steel mills."

https://www.reuters.com/article/us-china-economy-trade/china-september-exports-imports-in-deeper-contraction-as-tariffs-bite-idUSKBN1WT07P

Yes, and don't call shirley !

There are good reasons to keep some cash at the ready, rather than payout all as dividends. Luckily we can be confident that SLE would not spend the money without the backing of Midwestern and Tosca. Possibilities are:-

1. An additional investment in OML18 (as Government proposes to sell an additional 15%) depending on price.
2. Buying into Barryroe at a distressed price.

At current prices the major shareholders must be considering taking the company private - they would only need to get past 90%.

There is nothing new here. SLE must adopt a new accounting standard (IFRS) rather than the previous (IAS). The general theme of IFRS is that balance sheet values should reflect market values rather than historic values. Hence the "Credit Loss Provision" is introduced as way of adjusting the balance sheet value to approximate a market value. As the loan is paid off and gets closer to maturity the Credit Loss Provision reduces. The provision is currently $3.8 million and would have been $9.7 million at 1 Jan 18 and $5.5 million at 31 Dec 2018.

Cannot see anything happening until after the election (13 October 2019).

This is just a technical change to the share structure with no financial impact. It is not possible to issue new shares at a price below EUR 0.10 (10 cents each) as things stand. The EUR 0.10 shares will be exchanged for 1 x EUR 0.01 "New Share" and 9 deferred shares of zero value - the net result is a change in the nominal value of the shares you hold. The new shares can be sold at prices of EUR 0.01 and above. P.S. IMHO and DYOR

"In July, Guinea said it had launched a tender for two of Simandou’s four blocks. A government official said three large mining groups were in competition, but declined to name them."

https://uk.reuters.com/article/guinea-nimba-bhp/talks-on-guineas-iron-ore-advance-bhp-nears-deal-on-nimba-sources-idUKL5N25O3ZZ

"...............experienced coal extraction company with mine mouth power plant should be given preference for the extraction of coal. This would enable Bangladesh generating power at affordable cost."

https://ep-bd.com/view/details/article/Mzc5Mg%3D%3D/title?q=financially+affordable+fuel+mix+a+must

From last year (11 September 2018)

http://www.morningstar.co.uk/uk/news/AN_1536664978329656900/gcm-appoints-sinohydro-to-undertake-prefeasibility-study-at-phulbari.aspx

The 9th August is being celebrated as "National Energy Security" day. Energy & Power magazine has a featured article which comments on the aspiration that power for all will be achieved in 2020. Much of the article advocates a key role for using own resources (coal, oil etc.) in the future. Mining own coal is mentioned several times.

https://ep-bd.com/view/details/article/MzczMQ%3D%3D/article-title?q=mujib+year+%26+energy+policy

The Supervisory Board of Jastrzebska Spólka Weglowa (JSW) appointed, on 1 August 2019, Wlodzimierz Herezniak to the position of the company's president. The first and most urgent task of the new president will be to calm the hot moods among the crew.

The previous president of JSW, Daniel Ozon, was very much in favor of trade union organizations that even protested in front of the headquarters of the Ministry of Energy in Warsaw. An important issue that Wlodzimierz Tuzniak needs to address is the negotiations on cooperation between JSW and Prairie Mining on the projects of the Debiensko and Jan Karski mines.
The most difficult challenge for the new president will be facing the economic slowdown and falling prices of coal and coke.

https://www.wnp.pl/gornictwo/trzy-najwazniejsze-zadania-dla-nowego-prezesa-jsw,349424_1_0_0.html