Member Info for caml

From the Sept 29 RNS:
"Due to the buoyant iron ore market, the Jumelles board have initiated a process to undertake a re-costing exercise to ascertain the potential costs associated with the construction of the Zanaga Project's 12Mtpa Stage One Project in today's contractor pricing market, and external engineering firms have been engaged by Jumelles to complete this evaluation. The results of this exercise are expected to be announced in Q1 2021."

I think they said the costing review would be complete Q1 2021 and I took it that in the interview AT suggested that any prospective party would want the revised figures. The management have no incentive to hurry things along as the longer it goes on, the more cheap shares they get.

A very positive update from AT however he stresses twice that the market should not get carried away.
Nice to hear that 11 months on from the COIDIC news, as far as I can see nothing has happened. They may build a SEZ which we could possibly supply some iron ore to if they decide to develop a steel mill. Old news. zzz
It is great to hear the potential financial rewards for whoever stumps up the cash. If they can find someone to commit to the project, they could quite feasibly buy us out, build and get capital and return within 10 years. That would be attractive to a lot of miners, especially eco-focussed ones.
It is time to deliver now ZIOC. Good luck.

So the Jumelles board couldn't come up with anything better than the floating port concept, so they have opted to spend the next 6 months going back to the beginning and re-costing Stage 1. 6 months? It has taken 3 years (and counting) to cost EPP!
Re-costing is pointless, as any new developer / operator would do things their own way and may well have their own methods. Just mothball the project and try to sell it. Stop wasting shareholders cash.

at @ zanagairon . com is his email GGG

Good morning extrader, no, I have not met AT and I am not familiar with his working conditions. I like him, I like his passion for the project and he comes across very well when he communicates. The problem is, he's not communicating. This is either because there is some confidentiality agreement (definitely not IMO), there is no point churning out the same stuff (possible) or there simply is nothing to report.
They can hide behind the covid effect for a little longer, but other deals are happening, both in RoC and in China. Other companies seem to be getting together, so that excuse doesn't work on me.
COIDIC is 10 months in and we still have no idea what the engagement is, what the goal is and what the timetable to achieve the unknown goal is. Meanwhile, we are about to further reward management team with cheap shares. For me, the reward should be linked to share price, not creative thinking and writing.
Shortly after the incentive RNS the SP was more than double what it is now and we have been diluted too. How can this be rewarded?

There has always been (in the 3 1/2 years I have been invested) anticipation ahead of an update and yet now, nothing. Not a single ramper here or on Twitter. This is despite the company having been in discussion with COIDIC for 10 months. In these 10 months, we have been told nothing of any process, dialog, timeframes, plan, objectives, outcomes or entities involved.
Come on ZIOC, tell us what is actually going on, what has actually been happening or people will just accept that this is simply a lifestyle business and have sadly been sucked in.

Am I right in saying that it is very much in the management team's interest to keep the share price low until the end of Q4? Maybe Extrader can confirm?

Thank you Jonny, I wasn't aware AT had told anyone the project was being sold. I have had conversations with him over the years but he's always said that there is no M&A activity. To be fair, I haven't spoken to him for a couple of months.

Have you been told that or is it just 'a hunch'? I have asked if they are trying to sell, j-v, finance development and production themselves and I certainly didn't get told they are trying to sell the project.
If so, it could be said that it is also in their interest to keep the share price down?

I would like to know what it is that the company is trying to work towards. What is the plan? In any work package, you have an outcome that is what you work towards. Either our team do not want to tell us (because you can't fail that way) or they do not know what this outcome is (incredibly poor business).
I have asked in the past what it is we are engaged with COIDIC for and the answer is that they're exploring options. That's just rubbish and no business should operate like that.
We have been assured that at the end of the process, a route to finance will be made available. Finance for what? How long is the process?
The COIDIC process has been officially running now for 10 months and I accept that our guys haven't been able to get to China, but I have also been told that communication is working perfectly well using technology and that we are probably a couple of months behind. Behind what?
If anyone from the company is reading and gives a toss about the shareholders, then maybe you'd like to tell us what you are trying to achieve. Then you can be held to account and hopefully rewarded if you succeed. If we are 10 months in and still don't know what the outcome is then there is a serious problem.

They'll come up with something which they'll be pleased to update us on "in the coming months".
It would be nice if they announced a plan to buy a digger, digging and selling the high grade iron ore. This is not going to happen though.
It'll be more than 9 months since the COIDIC RNS. If it is the case that coronavirus has impacted the business operations then I do hope management and staff were furloughed and not paid (money or shares). lol

So that would suggest that they view Zanaga as un-competitive and not viable?

Also seems the Sheikh has links with Fortescue...
July 13th, 2019
Conakry, Republic of Guinea
His Highness Sheikh Ahmed Dalmook Al Maktoum visited Conakry, Republic of Guinea and met with His Excellency Alpha Conde, the President of the Republic of Guinea. The delegation led by His Highness was also joined by Mr. Andrew Forrest, Chairman of Fortescue Metals Group (FMGL) and his senior management teams from Australia. They discussed various areas of cooperation and development in the Mining, Energy, Infrastructure and other sectors in the Republic of Guinea.

AT has in the past referred to interest from Middle East. Interesting today to see that UAE are looking to acquire mining projects in Africa and are starting to develop an iron ore mine in Guinea.

So we got what most of us expected.
There is no sale, there is currently no appetite for a sale.
We still have no plan, no way of judging the management's success and that is lovely for them. Real businesses do not work like this - all management should be able to be held accountable and to have to meet objectives. Come on ZIOC, we shouldn't have to ask you to tell us what you're doing with our company.
I'd like to see 2 points actioned quickly. Firstly, what are we actually hoping to achieve? Is it a sale, jv or achieve funding to develop the mine ourselves. This is 2-fold, ZIOC and Jumelles. It's called a plan. Secondly, we need a timetable with clear points of reference tasks. For example, final EPP projections and estimates of 31st July, investment decision on EPP of 30th Sept 2020. The investigation into a potential EPP was announced in 2017. Can you imagine how long it would take this lot to decide and build stage 1?
Come on Andrew, please can we have a clear plan and timetable now? Not in 3 months time. This will give the whole the market some confidence and hopefully return the SP to something befitting the asset. In turn, this would give us more funding for less dilution. Win - win.
Over to you ZIOC.

We are however 6 years into a 25 year license.

Agree 100%

I'd have hoped they'd known about the funding before yesterday! AT has told me they have been investigating funding options for some time. He also said that the COIDIC process was undertaken with the understanding that a route to finance would be provided.
Or they're going to leave it as late as bad (or no) news is typically released later in the day?

Hi Johnnychi,
it is a compelling story and one that has been told for many years now. It has sucked many in and every now and then we get great excitement from the company regarding cold pellets, product testing, EPP feasibility, re-working of stage 1 and stage 2 capex requirements, floating ports and so on. Nothing on production, nothing on production estimates, nothing on projected earnings, nothing on off-take, nothing about a timetable, nothing more than a story.
Basically, they avoid publishing any sort of timetable and plan because they can be held accountable for that. I have been a huge supporter but am now clearly concerned.
I do not believe there is any background M&A / JV activity and I also believe that the management will be paid in cash again now that there are funds available. We'll see soon enough. I'd love to be wrong.
All IMO