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I should add that the numbers relating to the Mwanesi iron ore deposit are only in the 2011 report (not in the 2010 report or since).

Very interesting. I guess they may be waiting for the costs to be confirmed .....

"He added that the total cost of the project had been revised to $16 billion from around $14 billion."

https://uk.reuters.com/article/ozabs-uk-guinea-simandou-idAFKBN27S1RM-OZABS

Or maybe they just cant raise the the money during the pandemic ??

The link takes you to a Video from 15 October.

"....Mwanesi iron ore deposit, which had been estimated to have resources of 30 billion metric tons of jaspilite (taconite) ore with an average grade of 43% iron.."

https://s3-us-west-2.amazonaws.com/prd-wret/assets/palladium/production/mineral-pubs/country/2011/myb3-2011-zi.pdf

A brief history of Zisco Steel from April 2020.

http://aeabc.org/finding-the-shoe-that-fits-for-zisco/

I don't think we can assume that Glencore would never do a greenfield. But we know that they have a strong bias against doing greenfield. If that turns out to be the best/only option then the would do it. Don't forget that some of the senior Glencore people were previously involved with the Zanaga project at Xstrata.

The key thing (In my view) is that this project is always going to be worth more to the Chinese as if it is developed faster it will reduce the cost of all their iron-ore on all imports.

The new Payra power station is a triumph (apparently), only handicapped by lack of ifrastructure (e.g. Electric Grid capacity investment to hampers power transmission to consumers).

https://ep-bd.com/view/details/article/NTUzOA%3D%3D/article-title?q=iconic+power+project+sets+new+benchmark

Also, too soon to abandon coal as a power source ?

https://ep-bd.com/view/details/article/NTUxOA%3D%3D/article-title?q=it%e2%80%99s+not+right+time+to+move+out+of+coal

The focus of this article is base metals. However a forecast of 6-7% growth in the Chinese economy is very bullish for Iron Ore demand. Could mean the Chinese demand for Iron Ore is 30%-40% higher in 5 years time.

https://www.mining.com/bull-market-for-base-metals-likely-to-remain-intact-rosenberg/

Iron ore pushes higher as China steel stocks shrink

https://www.reuters.com/article/asia-ironore/update-1-iron-ore-pushes-higher-as-china-steel-stocks-shrink-idINL1N2I6074

Iron ore outlook firms despite Beijing tension

https://www.afr.com/markets/commodities/iron-ore-outlook-firms-despite-beijing-tension-20201119-p56g49

The real value of Iron ore may fall, but in dollar terms it will rise. Buying an Iron Ore mine with dollars a better prospect that US Treasury Bonds !

Citigroup Says Dollar May Drop by 20% Next Year on Vaccines
https://uk.finance.yahoo.com/news/citigroup-says-dollar-may-drop-145608404.html

Glencore boss Glasenberg says pandemic could delay his departure

https://uk.reuters.com/article/uk-glencore-ceo/glencore-boss-glasenberg-says-pandemic-could-delay-his-departure-nzz-idUKKBN27S1Y6?il=0

Only £14k of trades yesterday - so nothing happening. The closing price (based on a £ 0.35 / share trade) means nothing.

If thewhole project were worth $3 billion, that would be about £3 a share for Zanaga, based on their 45% share of the profits on the project (and say 330 million shares and 1.33 $/£).

I'm assuming that the largest part of this exercise will be the costing of the Slurry Pipeline and FDSO. There is the potential for lots of (Chinese) steel pipe here so it would fit with the CODIC role in all of this. While they mention the 12Mtpa stage one specifically, I cannot think they would not estimate the costs for larger amounts also.

https://finance.yahoo.com/news/volvo-manufacture-fully-electric-heavy-124926576.html

China delays Australian lobster imports as tensions rise.

https://finance.yahoo.com/news/china-delays-australian-lobster-imports-010919830.html

You have to consider this write-down in context. Iron ore prices were falling in this period. I have the the reference 62% Iron Ore price at $40 at the end of 2015, the 62% reference price was $117 on Friday 30/10/2020.

In the 2014 Glencore accounts there was an impairment charge of $489 million, taken against the Congo iron ore project due to the decision to slow down development. It is unclear if this is the entire balance sheet value (which was $ 365 million in the 2012 Xstrata Accounts), but I suspect it is.

(copy of my posing here 15/6/2018).

"How could any company, especially one which hasn’t been too good recently for SHs write off one of the largest Iron Ore resources on the planet. "

It is just an accounting thing. When they wrote down the asset they took a loss and reduced their tax.