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Adding more value in the Potash context, would imply the export of more complete (NPK) fertilizers for which Morocco has all the components.

Struvite (containing Phosphate and Nitrogen) would do nicely !

Thanks this is interesting. Silver, Cobalt and Nickel are specifically mentioned, and the talk about valourization.

I'm thinking here about the situation in Indonesia where the government has imposed restrictions on the export of Nickel ore, so that more value is added in the country (exporting Nickel sponge).

IMHO the OCP interest in Potash is that it would allow them to produce a higher value product.

Morocco has Potash, Phosphates and Natural Gas. So will be in a good position to export all three as Combined [NPK - Nitrogen, Phosphate and Potassium (Potash)] fertilizers. This would create more value added and would provide another sales route for OCP.

https://www.fertilizerseurope.com/fertilizers-in-europe/how-fertilizers-are-made/

IMHO - This suggests to me that OCP are faced with the same issues regarding water use and have also been attempting to improve their processing methods.

FWIW !

It seems a remarkable coincidence that OCP launches their Khemisset Potash mine (23 Jan) within 8 days of the EML RNS on 1st Feb. This comment in the article on the OCP launch was particularly interesting:

"This program intends to develop innovative processes for ore treatment, optimize water usage, and improve the use of liquid and solid waste products"

https://en.hespress.com/78552-ocp-launches-potash-project-in-khemisset-in-bid-to-expand-food-security.html

FWIH - I had a couple of observations.

Firstly, there is much more processing of the Brine which obviously increases the Cap Ex. But the saving of Cap Ex on the DWI more than compensates.

Secondly, there are obviously benefits to working closely with OCP. EML will be a buyer of DAP for the production of Struvite - OCP are the obvious sellers. Also, OCP would see massive advantages in using Khemisset Multi-mineral process on their OCP Khemisset Potash mine.

An interesting development at EML, where a late change in the processing of Potash has the potential to be more environmentally friendly and double the NPV.

I don't doubt that it will be signed, but there may be details that need to be changed. (IMHO)

Until the EPC is signed it would not require an RNS (IMHO)

IMHO - These events are not places where deals are done, they are places where deals (that have been negotiated over months or years) are signed. It is easy for the appropriate people to fly in, and the publicity machine is there.

I suspect the next deal for ZIOC is the port, with several parties involved (ZIOC, The port operator, Congo, and the Port Builders).

EV's are too expensive for all but the richest of buyers (worldwide). Cheaper EV's are likely to use LFP batteries which are safer (don't burn like Nickel based batteries), cheaper and can withstand more charge/discharge cycles. Even Tesla uses LFP batteries in its cheapest Chinese models.

"Could easily fill that gap with Zanaga."

If Zanaga can achieve the high standard of benefaction (less than 2% alumina and silica).

"Could easily fill that gap with Zanaga."

If Zanaga can achieve the high standard of benefaction (

Pellet Supply is the key Issue for Steel Decarbonisation

https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/metals/122823-eu-steel-decarbonization-may-outstrip-iron-ore-pellet-supply-encourage-innovation

Bahrain Steel - Raw Materials

"As a merchant pelletiser and thus not tied to any one mine, Bahrain Steel has the independence to source raw materials from the best mines in the world .................. with the largest part of the Company’s supply coming from Brazil."

https://www.bahrainsteel.com.bh/#!/products

FWIW - Potash prices in Brazil currently low due to impact of drought.

https://www.reuters.com/markets/commodities/brazilian-farmers-slow-fertilizer-buys-drought-dampens-corn-planting-plans-2023-12-18/

Https://finance.yahoo.com/news/shell-sell-nigeria-onshore-oil-092155709.html

From page 79 of the Zanaga Offer Document (17 November 2010)

GOVERNMENT PARTICIPATION

The holder of an exploitation licence is required to incorporate a Congolese company to be the

operating entity (being MPD Congo in the case of the Company). Under Article 100 of the Mining

Code, the Congolese government is entitled to a free carried interest in projects which are at

exploitation phase. This participation cannot be less than 10 per cent. The Directors understand that

(i) any government participation in excess of this 10 per cent. threshold and (ii) the form thereof will

be subject to further negotiation with the government when a mining agreement is prepared for the

exploitation phase of the Zanaga Project.

I would guess that Vale guarantees its plant will produce top quality briquettes, provided the correct ore is used !

It is in Vale's interest to reduce reliance on China.

In the end it does not matter as it would leave China with a shortage of DRI Pellet / Pellet Feed.

You would have to say that Vale was the hot favourite though !