Member Info for 99icecream

GBCol - I think we are after the best bit which is the beach area. This is very easy to mine and replenishes itself. Kenmare sell about 1.1 million tonnes per year of HMS and have over 100 years of resource. With Perdevlei, Kazera could produce a similar amount per annum but would not exhaust the supply ever.

CLN is widely used for both Credit Linked Note and Convertible Loan Note. The markets are distinct and its obvious by context which is being referred to.

The CLN has only a short history (the first Credit Default Swap) was in the mid 1990's, whereas Convertibles go back the the 19th Century, so on that basis they have the best claim to the abbreviation.

"We have just had our major shareholder visiting the site" - It is also possible that he is working on the Aftan sale.

You obviously never did any Chemistry. Potash is K Cl - Potassium Chloride.

Phosphate is the PO4 ion as in Phosphoric Acid H3 PO4

The only thing that Potash and Phosphate share is that they are both types of fertilizer (and both begin with P).

This is the one that really counts. 30+ times the size of the existing asset. I guess most of us (me included) have had doubts that the licence can be so easily obtained.

In the case of GRX they raised money to develop assets in Iceland.

If you followed the Rockhopper Case vs. Italy you will see the logic of Emmerson's valuation. In the case of Rockhopper vs. Italy the arbitrators set the compensation using the value that Rockhopper placed on the investment at the time they lost their investment and not the figure (3 x Rockhopper's value) placed on the loss later by the valuation expert at the time of the claim.

And the story is 2 years old!

Its Phosphate not Potash !

https://www.euronews.com/green/2023/07/10/huge-mineral-discovery-in-norway-could-supply-battery-and-solar-panels-for-the-next-100-ye

Someone bought 30 million at 2.3p this morning (690k) !

Kazera still own the asset legally, so can now resell it if Hebei can't/won't pay. My guess is Kazera will have been looking for an alternative buyer.

The $6Bn number is in the 18 Mar 2025 RNS and I took it to mean Stage 1 and 2. Note that if the pipeline is built for 30 Mtpa, there is effectively only one project, which starts at 12Mtpa and scales up to 30Mtpa when debt is repaid and funds allow.

If they use Chinese state firms to do the project construction, this typically comes with cheap "export credit" type funding of about 70%, leaving ZIOC to find $600 million from equity. My guess is that this is funded by a strategic investor - (like a farm out in the oil world). C.f. the Kami project transaction (Champion vs. Nippon Steel) mentioned in the latest Zanaga presentation (18 March 2025).

"According to Governor Dunleavy, the goal is for the pipeline to be in place in two and a half years with gas flowing through it".

If there is going to be gas flowing through it, Pantheon will need to fast track its project(s).

Further evidence of the DFC's enhanced role in the future can be found in the announcement of the "Ukraine Fund"

"The United States’ DFC will work together with Ukraine’s State Organization Agency on Support Public-Private Partnership"

https://www.whitehouse.gov/fact-sheets/2025/05/fact-sheet-president-donald-j-trump-secures-agreement-to-establish-united-states-ukraine-reconstruction-investment-fund/

Indeed from the $6 Billion, there will be substantial rewards available for PSEI if their process makes a DRI product possible.

Extrader - I'm not sure if you mean me. In any case I'm just commenting on the numbers quoted in your 15:36. The key point about the DRI iron ore is it depends on the impurities for how good it is. Vale gets very low impurities for its product. They in effect have the standard already. For Zanaga to be competitive they may need better standards of benefaction than was achieved years ago.

I suspect that is what is meant by the following from the Zanaga RNS 18 March 2025:-

"The ability to achieve DRI specification from the Zanaga Project's ores has the potential to transform the value proposition of the Zanaga Project and increase its NPV by up to US$6bn (DRI product price dependent),

where significant price premiums could potentially create substantial upside value for the project. New technologies have been proven since the 2014"

Feasibility Study which are amenable to processing Zanaga's ore.

The confusion here is due to the comparison of Cadence's Haematite [Fe2 03] and Zanaga's Magnetite [Fe3 O4].

Haematite [Fe2 03] is 69.9% Iron and 30.1% Oxygen

Magnetite [Fe3 O4] is 72.4% Iron and 27.6% Oxygen

Take Cadence: They have a grade of 67.5% Fe. Pure Haematite is 69.9% so total impurities must be 1 - 67.5/69.9 = 3.4% (of which Silica and Alumina are in total 1.4%)

If Zanaga have a grade of 67.4% and impurities of 6.2% then they must be using Magnetite not Haematite

If they have a grade of 67.4% Fe. Pure Magnetite is 72.4% so total impurities must be 1 - 67.4/72.4 = 6.9% (of which Silica and Alumina are in total 5.9%).

There is a useful discussion about future MOP prices on page 24 of the RNS 27/2/25 "Kola Project Optimised DFS update" with a graph of the price assumptions used in the update which come from Argus Media.

https://www.argusmedia.com/en

LT - The 4.4p was based upon "...a conservative pricing with a gradual build up to $450/MOP assumed long term levels as opposed to flat $450/MOP profile applied before".

At this point EML have just asked if ICSID will Arbitrate the dispute. No doubt they will, but the claim size and formal statement of claim will come later.

I suspect that Morocco will want to see the size of the claim and the submission before they might be prepared to negotiate. The chances that a deal can be done before arbitration are much higher than in most cases.

Usually, the government of the day has little incentive to negotiate a deal as they fear the public admission of error and anyway they might not be in power when the bill has to be paid after arbitration.

Usually, the government of the day lacks the ability to pay easily.

In Morocco the King has effective control and can direct OCP / the government to act to resolve the situation so that the project can proceed under OCP's ownership.