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"Nevertheless, a Chinese company, Beijing Fortune Dingheng Investment Co. Ltd., has expressed interest in the Pointe-Noire SEZ, in which it plans to build an oil refinery. But the location of the SEZ north of Pointe Noire, near the Congolaise de raffinage, a subsidiary of the Société Nationale des Pétroles du Congo (SNPC), made it difficult to set up a second refinery in the same area, for environmental and social reasons. In addition, the Chinese company plans to source petroleum products at the Djéno terminal, located south of the ocean city. To avoid the construction of pipelines, it was necessary to find another place."

https://www.makanisi.org/congo-la-zes-de-pointe-noire-recherche-developpeur-et-investisseurs/

Ivybush - If Basel 3 increases the costs of lending against future Gold production then the costs for new mines will increase and their value will fall.

High-grade iron ore supply to struggle to meet demand as China decarbonizes

https://www.spglobal.com/platts/en/market-insights/latest-news/metals/060821-high-grade-iron-ore-supply-to-struggle-to-meet-demand-as-china-decarbonizes-mi

"........the only obvious threat to continuing strong demand and prices for the key commodities in the next few years is another sharp global economic downturn."

https://www.smh.com.au/business/markets/blowing-off-steam-china-wants-commodity-prices-to-tumble-but-its-hands-may-be-tied-20210525-p57uw9.html

China's Five-Year Plan

"......more investment by Chinese companies into mines in other countries .............. Chinese steel, transport, energy and finance companies would be involved in joint ventures."

https://www.afr.com/world/asia/china-s-five-year-plan-to-slash-australian-iron-ore-imports-20210520-p57tq9#:~:text=The%20Chinese%20government%20has%20drafted,%2C%20Myanmar%2C%20Kazakhstan%20and%20Mongolia.

Ivan Glasennerg has always been very clear about his dislike of developing mines in general and clear about the long term prospects for Iron Ore prices. Why would he then keep Zanaga any longer than he needs to? Don't forget he owns 9.1% of Glencore so the cash will come in handy for those extra things you need when retired! I expect the same approach from the new guy, Glencore will sell, but they will want a good price.

"Long term, iron ore is b******d. I am very certain.

https://www.macrobusiness.com.au/2021/02/glasenberg-pilbara-killer-is-go/

China moves to cool rally as iron ore price explodes

https://www.mining.com/china-moves-to-cool-rally-as-iron-ore-price-explodes/

The best benchmark was Itabira Fines (64.2% Fe), 3rd Qtr 2010 Price was $112 / Tonne - This is the Brazil fob price - so you need to add shipping (to china). I understand that the delivery cost was 20% of the total (3rd Qtr 2010) which implies $140 / Tonne in China.

The best benchmark was Itabira Fines (64.2% Fe), 3rd Qtr 2010 Price was $112 / Tonne - This is the Brazil fob price - so you need to add shipping (to china).

The best benchmark was Itabira Fines (64.2% Fe), 3rd Qtr 2010 Price was $112 / Tonne

There has been little comment on LSE regarding the contents of yesterdays RNS cost update (beyond some who say that we know nothing new). However, for Glencore to get the best sale price for the project they will need up to date cost figures. For example, the capital costs would be expected to be much higher today than in 2014 (e.g. Steel prices are up over 50% in the interim). If the new estimate(s) of the capital costs had been (say) 50% higher we would not have been surprised. The review suggests that some cost elements are higher and others are lower (previously overestimated) but overall cost estimates are nearly the same. My conclusion is the revised 12Mtpa cost estimate alone could add a US$ Billion to the asking price.

Additionally, this RNS includes an update on the Ore Reserve. The numbers have not changed, but it is interesting that they have been checked.

China suspends economic dialogue with Australia as relations curdle

https://www.reuters.com/world/china-suspend-economic-dialogue-mechanism-with-australia-2021-05-06/

Or: -

It appears as though Burford is serious about suing C-B for expropriation of the Sundance mining asset (i.e. they are prepared to risk some of their own money on this).

Simandou iron ore project moves ahead

https://splash247.com/giant-cape-shifting-simandou-iron-ore-project-moves-ahead/

If you look at the ZIOC and GEMD boards you will see significant differences.

The GEMD board includes two Exec Directors they effectively run the company and they have five non-Exec Directors who are there to, i) Check that the Exec Directors are running the company correctly, ii) Offer support and advices etc. to the Exec Directors based upon their longer and/or wider experience. Non-Execs are usually (very) part-time they may be (almost) fully employed elsewhere of have several other Non Exec positions.

The ZIOC board has no Exec Directors and three Non-Exec Directors reflecting the fact that all the real decisions are taken in Jumelles.

With respect to the recosting exercise, this is being done by Jumelles and they will decide if/when it is complete (not AT or the Non-Exec directors of ZIOC).

5 years ago:

62% Fines were $59.00 (recently $177.00)
65% Brazilian was $63.00 (recently $227.00) .

Selling a major asset (i.e. Zanagas 50% of Jumelles) would normally require a >50% vote. The original shareholders in ZIOC (Garbet and Guava) owned >70% of the shares (until 3 April 2017). I suspect that they still own a majority and a shareholder vote would be easily carried / won.

Your reference to a 90% vote perhaps comes from the situation if someone were to want to buy Zanaga. In that case a high percentage vote is required to force all shareholders to sell.

Its PG Wodehouse "....he was far from being gruntled...."

Phildon: 108576 shares traded at 10:47 on Aquis yesterday

The net effect of the Pre-Emption and the Tag-Along rights means that Glencore are effectively in total control of any sale of Jumelles.