Member Info for 99icecream

I'm not sure what this means. Both projects could mean the SEZ and the New Port. If ZIOC plan to make pellets out of some of their production, the SEZ might be the pace to do this (tax free) prior to shipping.

In the few cases I have seen management does not wait the 3 to 5 years until they get the cash. They start another project (or shift efforts towards another project they already have) whilst the case proceeds.

For example in the Prairie Mining case (regarding Coking Coal projects in Poland) often mentioned here, the company changed its name (to Greenx Metals) and raised some cash for a Copper / Gold project in Greenland !

There seems to be a bit of confusion about the subject of Ports and Moles on here. There is currently a port at Pointe Noire, to the north of the city and its easily seen on Google Earth. Outside the city, further to the north near Pointe Indienne, they are developing a SEZ (tax free zone) with its own dedicated new port. This idea has a long history, going back at least 10 years. Those of us who have been here a while remember waiting for the "SEZ port" development to trigger other investments such as Zanaga. In the link below, you can see an early idea (from 2016) of what the SEZ and its port would look like when a deal was signed with CRBC. Nothing came of this, but I would not be surprised if CRBC do end up involved when this happens.

https://www.crbc.com/site/crbcEN/77953/info/2016/46841231.html

In any case we currently have ARISE managing the SEZ and its port facilities. Separately we have ADPorts managing the Port Autonome de Pointe Noire, which is being extended by CRBC.

At various points Zanaga has considered have its deep water Jetty at either Port Autonome de Pointe Noire or at the SEZ near Pointe Indienne or indeed elsewhere (further north along the coast).

Congo Terminal is part of African Global Logistics (AGL). AGL is in turn part of MSC group.

Since 21 December 2022, the MSC family holds 100% of the shares of Bolloré Africa Logistics through SAS Shipping Company.

https://www.aglgroup.com/en/congo-terminal-will-invest-more-than-400-million-euros-in-a-new-port-terminal-at-the-port-autonome-of-pointe-noire/

"......... i'm sure we'll see a much much higher SP this time next year......" ... Rodney !

I doubt anyone is selling because they see the Kore price being lower, perhaps they feel they can afford to be out for a couple of months until Kore's next news.

Maybe they are are buying ZIOC (Congo Iron Ore) up large yesterday.

From my perspective the Directors and Senior management have done nothing wrong here. Often with these AIM mining companies there turns out to be problems due to over optimism in the size or the resource or the ability to extract it etc. etc. I don't see any of that here, indeed the KMP process shows that these guys had hidden talents that we had no reason to expect (N.B. KMP more than doubles the value of to Khemisset project).

They have trimmed Directors comp by almost 50% (down from £ 460K approx to £240K approx) and given out shares worth £165k approx to compensate. Thus making their interests more closely aligned with shareholders.

IMHO we need the team in place because:-

1/ At any point (even after the arbitration process has started) Morocco could settle the case by giving the ESIA and a smaller compensation payment for delay.

2/ Even without the Khemisset project, EML still have the KMP process and could partner in other potash projects that have large percentages of Carnallite etc., whilst the ICSID arbitration process proceeds.

I think this board was little used until MM decided to move from the other board.

Again, nothing happening here in the London market. Follows some selling in Johannesburg.

All true, but anyone with Direct Market Access (DMA) can take part in Auctions, so the are not necessarily trades between market makers, in fact when a stock is illiquid an Auction can be the chance for anyone with DMA to trade at prices better than they can get from the Market Makers.

For anyone who missed my post of 11/11/24.

The mole port was planned as part of the new port project north of Pointe-Noire adjacent to the SEZ (Special Economic Zone), just south of Ponte-Indienne. This port consisted of two key elements, a conventional container port and also "Mole Port" - essentially a massive jetty that projects into deep water and allows the berthing of the largest bulk carriers for the transport of ore. It is not clear if these two elements will be managed by the same entity or different. The old plans can be seen here:-

http://www.halcrowsea.com/Projects/152928980272.html

ARISE which has been selected to manage the SEZ has this cartoon which illustrates their plans for the SEZ incorporating the container port (but not the Mole Port).

https://www.facebook.com/zes.gouv.cg/videos/zone-%C3%A9conomique-sp%C3%A9ciale-de-pointe-noire-pr%C3%A9sentation-du-projet-en-3d/5735726563141858/?extid=NS-UNK-UNK-UNK-AN_GK0T-GK1C

It makes sense for Selene to be sold to Viaro as the plan for Selene is to send the gas via Barque to Bacton. Barque is part of the Viaro deal.

A few traded in Johannesburg today (up 7% with nearly 8 million shares traded), so the price in London has moved up without any volume.

Since the Revised Agreement 8/8/23 (in which the Early Works Agreement was concluded) Kore has raised approx $6.25 million for payments under the Agreement and also for General Corporate Purposes by the issue of shares.

The (up to) $5 million, is paid in 4 parts. Two have already been paid, and two remain to be paid with the last payment due 12 months after the EPC signing.

I guess the current share price says it all !

The CVR is bad for both sides as it encourages MTL to leave the exploration of the asset for over 5 years. Long warrants better for both IMHO.

Be fair, I did say the CVR is worthless !

The point of the CVR is that its value (if any) comes in 2+ years. If MTL buy CNR and make a success of it, over 15p is easily possible. As with the CVR it adds nothing to the cost today but like the CVR gives you a share if they make the huge profits on the deal.

I don't think that's much of an issue as the current offer needs amending anyway. I doubt anyone wants the CVR structure (its worthless). I would suggest something like 9.9p + 4 MTL Shares + Warrants to buy MTL shares at 15p.

Why should MTL make a firm offer at this point? The Non-Exec will want to hear the opinion of the potential other bidders before backing any deal.