Member Info for EV_Bull

It's already happening, even in Brazil.
https://www.spglobal.com/platts/en/market-insights/latest-news/agriculture/032521-brazils-avb-receives-carbon-neutral-steel-certificate
The 600,000 mt/year mill, based in Brazil's northern Maranhão state, has relied on renewable power and invested in circular use of raw materials, along with its hot metal production based on eucalyptus charcoal, replacing traditional coking coal.

Rio Tinto and BlueScope plan to work together to explore low-carbon 'steelmaking pathways' using Pilbara iron ores. The two companies will look at the use of clean hydrogen to replace coking coal at BlueScope’s Port Kembla steelworks.
https://www.steeltimesint.com/news/rio-tinto-and-bluescope-explore-low-carbon-steel-pathways

https://www.steeltimesint.com/news/rio-tinto-and-bluescope-explore-low-carbon-steel-pathways
If we could do something like the above, perhaps with a partner then I suspect the market would be very interested.

https://www.marketresearch.com/Timetric-v3917/Zamin-Macapa-Steel-Processing-Plant-10924619/

The same applies to freight, high rates cause more new ship building and less scrapping which then leads to lower freight costs.

"Iron ore price slipped on Monday due to sluggish demand at steel mills stemming from Chinese mandated output cuts"
Cuts cause temporary lows which then lead to a build up of demand and higher prices.
It's a cycle where low prices lead to higher prices and high prices cause lower prices, long term, producers have to make a profit.
The 67% premium product Kiran has been talking about may be more desirable to produce for us.

Cadence Minerals receives port concession ahead of Amapa production
https://www.**********.co.uk/articles/cadence-minerals-receives-port-concession-ahead-of-amapa-production-ba4d8c8
Linked here as I know the above will be ******'s (vox)
https://www.reddit.com/r/CadenceMinerals/comments/qka2bi/comment/hivfc61/

The only remaining major pre-condition for the 20% is the bank sign off.
For 27% I believe we require the dam to be re-approved by ANM, which is underway as we now have a maintenance contract in place with SAFF for fortnightly inspections, the others were the port and railway both of which are now granted.

$2.5m is in escrow for the 20%
The additional $3.5m for 7% will follow but money Cadence has already spend on the project will be offset against this so the total needed will be much less than that. Perhaps the BoD will take the 20% and wait to see how the market reacts to decide the best way to fund the rest which is likely to be less than £2m.

Ammonia is likely to be the solution of choice for the shipping industry.
https://spectrum.ieee.org/why-the-shipping-industry-is-betting-big-on-ammonia

It could be our lawyer or perhaps one of the existing directors or managers of Dev.

Amapa made £124m profit for it's owners in 2011 and £55.7m in 2012 and was valued on their books at $660m in 2012 (£480m).
27% of £480m is £130m.
£130m would be 83 pence per share alone, not considering any other assets EMH, Sonora, Has etc.

40p is on the low side, 60p would be a good start I think.

https://www.angloamerican.com/~/media/Files/A/Anglo-American-Group/PLC/investors/annual-reporting/2013/annual-report2012.pdf
2012: $54 million ($77m / £55.7m 100%)

https://www.angloamerican.com/~/media/Files/A/Anglo-American-Group/PLC/investors/annual-reporting/2012/aa-annual-report-2011.pdf
2011: $120m ($171m / £124m 100%)

Bank Credit Committee Approval for Amapa Project Settlement Agreement:
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=311428213012811598

As far I understand it from Kiran’s interviews the PFS should already be done and will follow the 20% news, maybe even the same day. The BFS would follow within the 6 months I’d have thought.

“ While awaiting credit committee approval, the drafting of the final settlement documents have continued to progress. On the effective date of the Settlement Agreement and under the Judicial Restructuring Plan ("JRP") Cadence and Indo Sino Trade Pte Ltd (Indo Sino), via their joint venture company, will own 99.9% of DEV Mineração S.A., the owner of the Amapa Project.”

http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=311428213012811598

I expect the deal with the banks could be signed at any time throughout this next few weeks and isn’t dependent on these events.

@MLQ I wouldn’t say the “have” to do it at all, they are choosing to do a consolidation, maybe because it makes the numbers easier to work with. PBA will own 99.9% of these shares and then we will appoint our directors. 2 Indo, 2 Cadence and 1 jointly.

I would expect these to be some of the more minor pre-conditions/ steps to us taking ownership, which as we’ve been told is a formality now the credit committee approval was granted.

The current number of shares and directors are already public through Brazil’s companies house equivalent.

These are two separate companies one owned by the other.

Dev Logistica (the railway operator) is 99.9% owned by Dev Mineracao (parent company) and has an EGM 5th Nov.

Dev Mineracao’s EGM is on the 9th where they are doing a share consolidation.

This is clearly in preparation for the change of ownership to PBA (Pedro Branca Alliance) which will own 99.9% of Dev and of which we will own 20% (of PBA).

https://www.reuters.com/business/sustainable-business/australian-iron-ore-baron-bets-big-global-green-revolution-2021-10-27/

Source for EGM https://seadantigo.portal.ap.gov.br/diario/DOEn7531.pdf?ts=21102907
Page 71

November 5, 2021, at 10:30 a.m,
to resolve on the following matters of the Agenda
of the Agenda: (i) the analysis and approval of the Company's accounts
(i) the analysis and approval of the Company's accounts for previous years; (ii) the removal of the
(ii) the removal of the current directors and the subsequent election of new directors; and
election of new directors; and (iii) the amendment of the Company's by-laws
of the Company to modify the form of representation of the
the Company.

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