Member Info for 99icecream

How many mines did you find ?

This is the bit I found interesting:-

"PowerChina’s review has generated a number of potential design improvements to the project that identify opportunities to further reduce the capital cost and the construction schedule"

Its easy to miss the fact that this will not be a typical project for SEPCO / Power China (i.e. its not a power generation project), hence perhaps the extra attention devoted to the design / timetable, and (I assume) the desire to stay well within budget and timetable.

It is MY "Bed and ISA" deal - not a sale ALBi

Its a "Bed and ISA" deal - not a sale

Its the end of the tax year, so may be ISA deals.

Glencore Returns to Acquisitions With Offer for Canadian Miner Teck

https://www.wsj.com/articles/glencore-returns-to-acquisitions-with-offer-for-canadian-miner-teck-851782bb?siteid=yhoof2

ATG - I think that the reason for using SEPCO is that they are i) Good at what they do, ii) Cheaper than the western alternatives and iii) include 70% export credit funding at subsidised rates.

Jim Mellons take on the situation seems to imply a sale of >50% (but not 100%) of the shares might be the result of the exercise.

"It is now the time for a larger company to take on the reins of our key assets and our CEO, Mark Child, has been working hard to find the right partner."

This map may be of interest

https://www.equatorialresources.com.au/mayoko-moussondji.html

Although a deal was signed for a rail line (in July 2021), I have never seen anything to say that the US$ 1 billion was raised to fund the construction or indeed any work has started.

B.velli - The point is simply that the threat to revoke a licence was always an empty threat. It would be crazy to do and would result in Congo being taken through the courts for compensation. Meanwhile they would not be able to get anyone else to buy or invest in the project.

In the case of Sundance / Equatorial resources etc. Congo has done a deal with Austsino a near bankrupt Australian entity whoose main shareholder happens to be Chinese. This individual claims to have access to top the Chinese companies, however it is very doubtful (IMHO) that they would get involved in something tainted by the "Western" courts.

Equatorial Resources makes $1.1bn claim against Congo

https://www.miningweekly.com/article/equatorial-resources-makes-11bn-claim-against-congo-2023-03-16

I don't know if this has been posted before - but it does contain a line from the "less manure more green shoots" post.

https://www.miningmx.com/news/markets/52496-kore-considering-sale-of-dx-project-as-grapples-with-1-8bn-kola-potash-funding/

LT

Have you considered that if the project "is fully funded" (i.e. US$ 1,830,000,000 ) that full funding will include all the costs (including a reltively small budget for Ryan Leyland and his team) associated with the project.

The only non-funded costs should be the general overhead for running the firm (inc Brad, CFO etc.) and any work on further projects (e.g. DX).

IMHO the only prospect for a placing would be if the EPC cannot be concluded with SEPCO. In which case a "plan B" for Kore (e.g. sell 51% or 100% of firm to top tier miner etc.) would be needed as a rational for the extra cash.

I think the whole process of reporting significant shareholdings has issues since most holders keep their shares in nominee accounts. Any shareholder with over 3% should report changes (when they have finished selling or buying), but non-UK holders are not always good at doing this. Also, before updating the website Kore should contact existing significant shareholders asking if there have been changes in holdings. Again this does not always work well.

Directors and Management at 31 Dec 2022 was 4.82% including 4.22% for David Hawthorne, now (after Gavins departure) the total is 4.75%.

Lots of positive sentiment toward Iron Ore miners.

https://www.afr.com/markets/equity-markets/goldman-a-buy-on-rio-as-iron-ore-bull-case-strengthens-20230306-p5cpnz

The Bid and Ask prices are a guide based on trading 75,000 shares. You should expect better prices for larger size, but you cant find out what those prices are unless you ask (e.g. with a real or a dummy trade).

One of the most interesting recent developments is the 180 degree change in attitude by Pierre Oba to the Kore project. I suspect that nothing Kore could say or do would be sufficient to bring about this change in attitude. Therefore (IMHO) assurances must have come from China (possibly via the Chinese Embassy).

The timing of another event may be relevant. On 4 April 2022 Congo ratified the extradition treaty with Congo. Probably an extradition treaty is necessary before China will send employees to Congo.

https://www.journaldebrazza.com/congo-les-deputes-valident-le-traite-dextradition-avec-la-chine/

However it took until 31 December 2022 for China to ratify.

https://www.chinajusticeobserver.com/a/china-ratifies-extradition-treaties-with-armenia-congo-kenya-and-uruguay

In their September note on MNRG Align claimed to have "an interest", if they now have a "substantial interest" - I guess that means that they have bought shares (in size). They might not have a great track record (most recently in IRON) but I don't doubt their motivation.