Member Info for Cause17

@Maddog - Regardless of how the SP goes and what news comes and goes, it is nice to see the cheerful Maddog on this board

@maddog - I miss the cheerful maddog :)

Thanks Bannor

Another old article on Zamin and their owner...Friends with Mittals...

https://www.independent.co.uk/news/business/news/zamin-ferrous-and-enrc-heading-for-bitter-high-court-battle-9916113.html

@tomcat and others - Apologies. I seem to have made an error. Zamin may not be wealthy currently. They once were. But may not be anymore.

https://www.angloamerican.com/media/press-releases/2013/04-11-2013

Zamin Ferrous is a private international mining group that has been operating in Brazil since 2005 and owns three significant assets with a combined 1,500 Mt potential resource in Brazil as well as the 2,500 Mt Valentines Project in Uruguay. Zamin owns the Zamapa iron ore processing facility in Amapa state with a total of 200 employees. It also owns 50% of the Susa iron project, which is located in the state of Rio Grande Norte and the Greystone project, a large iron ore deposit in the south east of Bahia State. Shipments from Susa and Zamapa began in 2011 and on-going exploration at Greystone has proven a 284 Mt resource, with a potential resource of 700 Mt. Zamin sold its Bamin project in the State of Bahia to ENRC for total compensation of $1 billion paid in 2008 and 2010.

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This is as per wikipedia

Pramod Agarwal
Born September 1954 (age 65)
Bombay, India
Known for Founder, Zamin Ferrous
Net worth "minus $16.5 million" (2016) [1]
Spouse(s) Vijaya Agarwal
Children 2

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Apologies for the wrong information.

But hopefully this eliminates the possibility of Zamin/Dev (the current owners) pulling themselves out...

@Obs - Yes. I remember that being said in an interview which was a bit confusing.

Sorry. Re-reading it I need to add the below.
1. Also I read in an earlier ruling that Zamin was found to be unwilling or not knowledgeable enough to run the mine themselves...not sure if I am making stuff up now..but I do remember courts being unhappy with the way they were taking this. So I don't know if courts will allow it. This was during the time when Jindal Group was attempting taking over. 2017.

@Obs - I don't think Dev wants to pull its self out. Zamin is quite wealthy, the parent company. But one of the reasons why AF are still being implicated is that in the view of the Brazillian prosecutors (some atleast) the deal between AF and Zamin was done to wash AF of liabilities that was to stem from the port collapse. Their line was that AF was aware of the possibility and AF was fined for it too. So I don't see Dev pulling itself out.

For the second question, my understanding is that, if Indo Sino wants to to raise more capital for the JV, then Cadence gets first refusal to raise their stakes upto 49%. If they don't take this up, then Indo sino can buy out Cadence's stake at 1.5 times the price paid. But that is only an option. Not mandatory.

I will share the links to my earlier suggestion as soon as I get on my laptop.

Apologies. They have to pay the 2.5 million, if Zamin is not able to make the payment, as if the succeeding company is found to be not able to meet its labour payments when the succeeded company had been able to, then the succeeded company is liable for the pay? or something along that line?

@Tomcat - This is a ruling on the appeal by AFB against holding them liable for the labour credit isn't it? and they appeal has been denied? If it has, then it means, they have to pay or guarantee the approx 2.5 million dollars? That ruling was made to Zamin and AFB but AFB were given more time, if I remember correctly? Please correct me if I am wrong.

https://www.jusbrasil.com.br/diarios/308276369/trt-8-judiciario-23-07-2020-pg-311?ref=previous_button

Thanks @Jimb2. Some more new information for me. :)

Thanks @jimb2. I really appreciate this. Btw what/who is Alcatraz?

Tbh this is one of the best boards. Lot of information being shared rather than just opinions and most boards go to sleep an hour or so after market closes or when there is no RNS.

Here, it isn't like that. Even when there is no news the regulars here keep the chat going. I really like checking the board daily. :) Especially to see the posts of FrankieH and Masterbaker. Very rhythmic (not sure if that is the right description)

Also everyone has been friendly. Special mention to Obs because he has been really encouraging me to read up on things from the beginning.

@Obs - That news would just be awesome.

@obs - :') I checked to see if you had posted anything because I thought you would have already seen it. Guess I got it right :).

Do you think there will be a RNS tomorrow?

Some more of the contents

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Judicial Administrator reports meeting between Recuperanda, Investidora and members of the Government of Amapá to discuss the sale of iron ore and the use of the Public Port, as well as to explain to the Government of Amapá the procedure to be adopted to pay the creditors with the value obtained from the sale of iron ore

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Write down. Manifest the recoveree and the Judicial Administrator. Int. negotiations) and Fl. 17,325 (Recuperanda acknowledges receipt of the counter-proposal and will respond shortly. Emphasizes that the attempt to negotiate does not imply the resignation of its position in the previous manifestations): The Judicial Administrator expresses herself regarding the progress of the negotiations. 15 - Fl. 17,334: to AJ to provide a response to the requesting Court. 16 - Pages 17,340 / 17,342 (AJ's petition): Science to creditors.

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https://esaj.tjsp.jus.br/cpopg/show.do;jsessionid=CECB3260C9F1D510FC069B9B86CA1536.cpopg3?conversationId=&dadosConsulta.localPesquisa.cdLocal=100&cbPesquisa=NUMPROC&dadosConsulta.tipoNuProcesso=UNIFICADO&numeroDigitoAnoUnificado=1088747-75.2015&foroNumeroUnificado=0100&dadosConsulta.valorConsultaNuUnificado=10887477520158260100&dadosConsulta.valorConsulta=&uuidCaptcha=sajcaptcha_5565d433052a4c34b77eebbf7643a40d&g-recaptcha-response=03AGdBq26u7AvxW75zuCWuusdYiiXOkz4TrAUq1irbLoGCU3hIBIvmEfT0BYh94MoZugXZQmlQMhVib-IuhCifQ2XoCoh9tJ2SYEenz0XnWEnJ0aSwnED8S20Nvz4m_6Ot-uj4mC8YqSmm7UDg8lViLNJAfbtUngbyBUh3-JeRvx5jyadUd23-Et-ZH8XQcd63aVEj4VGbjUPjY1XmFh-Pb1eR1J1msOwvix2DhyHnNdiBF03Cv-_SDAMyuKrH0WihPy4NSb1PZqrDoh6ukC51rv9m5SW31TQCDKVZJM2GZETii49LnrYNT_97GFsbw2EIuPhuGarw-TrREcL32vAHC6e6Y7BmfQQnC9hcZoOLQCNE8Wu1iriWOJMTZjCkrFO6kY_GnfF3XZrB-6kT5ChPsoCNEnpo0Etbgw&processo.codigo=2S000I22C0000

Union of Banks informs that on 02.07. 2020 sent a counter-proposal to Recuperanda, which will keep the Court updated on the status of the negotiations

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Step forward?

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(Union of Banks requires that the Administrator Judicial inform "the status of the delivery of iron ore from Zamin to Gerald Metals SA, in compliance with the judicial recovery plan), Fls. 17.318 / 17.319 (Judicial Administrator requires the subpoena of Recuperanda and Geralds Metals SA to clarify the progress of the donation in payment of iron ore provided for in the PRJ), Fls. 17.326 / 17.331 (Geralds Metals SA responds to the opinion of the Judicial Administrator on pages 17.318 / 17.319 in order to explain its right to receive stockpiled iron ore): The Union of Banks should manifest itself. 12 - Pages

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The proceeds from the sale will be deposited in a judicial account and released under the supervision of the Judicial Administrator, for the satisfaction of the aforementioned creditors and for the operational expenses of the recoveree

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https://www.bloomberg.com/amp/news/articles/2020-07-22/musk-promises-giant-contract-for-efficiently-mined-nickel?__twitter_impression=true

True. I am hoping that there is enough positive exposure by that time so the money needs to be raised is raised at good terms for the PIs here (i.e - Without reducing the value of the PIs investment. For example the company is valued at 10x more than now with 5x more shares in circulation would bring better return for the PI). I am hoping it works out this way.

Fingers crossed, people here are rewarded well for all their investment and being there through the lows.

@Bannor - :') True. and a lot more to get done too.

As for candyfloss, it does leave a feeling of happiness :)
I haven't had it in a while too and whenever I have it, always feel like the ones I had when a kid was always sweeter. :)

@maddog - Hm. Let's see. Hopefully everyone agrees to some sort of plan so things can get moving...