Member Info for 99icecream

Shaun86, with respect, I don't think that is the case. Glencore in any practical sense is still in total control.

In the event of some dispute Glencore would easily win any vote as the remainder of the shareholders would not all cast their votes (or if they did Glencore would only need an additional 2%).

The fact that all the directors of Zanaga are Non-Exec tells you that day-to-day control is in the hands of Jumelles.

IMHO "its a goer"

The Capital Cost here (RNS 27 June 2022) is US$ 1.83 Billion. Power China is being asked to guarantee the cost and delivery for this (EPC contract guarantees). Power China were not prepared to give the guarantee without further work on the EPC (reviewing aspects of the Kola design and planned production schedule). The further work is expected to further reduce the capital cost and the production schedule (RNS March 2023). Power China / SEPCO will incorporate the cost of their guarantee in the construction cost - if the plan is a good one their chances of needing to pay for any cost overruns will be reduced (i.e. 5 million is a small cost vs. an overrun on a sum of US$ 1.83 Billion.

Cash_investor. So $ 1million approx has been raised in the share issue. And 20% (not 25%) of that came from Harlequin. However, the share issue is not complete yet as Aurora and Quimica have rights not to be diluted in such a raise. That means they could contribute about an additional $ 550,000 maintaing their 35% shareholding (Aurora 19.34% and Quimica 15.73%). In that case 13% of the total would come from Harlequin.

It is not clear is what number of shares Aurora and/or Quimica have been offered at this point (more than $ 550,000 worth ??)

Why do you think Harlequin Investments Ltd has any connection at all with China ? - (i.e. Not the "Family Office" for a UK based retired invesment banker).

LSE does not like the name of Gina Rinehart's Iron Ore firm either.

At the second Russia African Economic and Humanitarian forum which was held at St. Petersburg from the 27th to the 29th of July, 2023.

MM - I can agree with all of that. Development of rail alternatives is interesting, but in my view will not arrive in the timescale we want (i.e. when the construction costings are done this year).

I think you always need to ask yourself the question, what would I do in XX's position. For Glencore wheather they develop or sell this project they need solutions that are both financially viable and delivered in a timely fashion. Having their own slurry pipeline seems (to me at least) to be the best option. A rail solution would be (IMHO) a massive fiasco.

Note that in Simandou - the constuction and running of the railway will be under the control of the Simandou Consortium - so quality (of contruction) and access to the asset will not be an issue. How does that compare with the issues you might have on a rail link in Congo ?

MM - Note that the September 22 RNS came before the reorganisation of Zanaga's shareholding. Now we are looking at what Gencore might do rather than options Elphick might have.

MM - Taken with their recent RNS - I would assume it means that the have looked again at a rail solution and concluded it would offer no advantage over their own slurry pipeline.

As long as Congo owes money to China and Glencore they are very much under their influence !

Reopened 2018 for freight traffic only.

Whilst the discussion on rail links for Zanaga is interesting, it is irrelevant to the development of Zanaga on so many levels. While I am sure that Zanaga considers all of the alternatives for transporting Iron Ore from the mine to a Cape-Size cargo ship. The most recent RNS clearly emphasises the experience of the EPC (Engineering Procurement and Construction) partner in construction of slurry pipelines and iron ore feed concentrate projects, with no mention of railways. A rail link for Zanaga would require a new 225 km rail link between Zanaga and Mossendjo and 360 km of rebuilt railway between Mossendjo and Pointe Noire (total 585km). The alternative is the pipeline of 370 Km).

You might consider the recent news of the Brazzaville to Pointe Noire railway (half of which would be included in the route from Mayoko to Point Noire). Closed in 2016. This route was reopened in 2018 for rail traffic only. The route reopened 27 April 2023 for passenger traffic (one train per week in each direction). Trains take 16 hours to travel 317 km (20 miles per hour) because of the poor condition of the track.

The link below includes video (with English translation) about the reopening of the line to pappengers.

https://www.africanews.com/2023/05/17/rail-connecting-congos-brazzaville-pointe-noire-resumes-passenger-service//

Thanks MM - BTW - 1.6 x is the number for 62% grade and 1.7 for 58% grade (approx). ZIOC ore would be 1.5 times (approx).

MM - Do you have any estimate for the amount of "green" steel production planned in Saudi / UAE etc. ?

Looks like a drafting error in the announcement.

Brad gets USD 550,000 per annum salary. In 2021 Brad and other directors got USD 776,833 in total. In 2022 Brad and other directors got USD 793,000 in total.

Forgive me if its a silly question, but why would EML need fresh water for processing mined potash ? - Wouldn't salt water be OK? The processing is :

"Raw ore is fed into large crushers to make pieces more uniform in size. Crushed ore is fed into agitation tanks (scrubbers) filled with a brine solution (process is called desliming). The mixture is filtered removing clay particles leaving potash and sodium chloride."

https://nutrien-ekonomics.com/news/potash-mining-and-processing/#:~:text=Raw%20ore%20is%20fed%20into,leaving%20potash%20and%20sodium%20chloride.

Given Vale's dominance in high grade it is its interests to :

1) Do anything it can to expand the use of high grade ore (and also creating an extra income stream).

2) Do anything is can to increase its ability to supply high grade (so as to control its price).

Consider why Telsa is opening up its charging network to Ford and GM (its competitors) - its in Tesla's interests to expand the market, knowing that it will get a proportion of the new customers. Plus it will get a handy extra profit from its chaging network.