Member Info for EV_Bull

The gain in EMH holdings is worth around a 3% gain to the market cap here (in theory!)

In theory should be up proportionate with the stake in EMH which is up 10% but I am not a trader so will defer to others.

Good news, EMH up 8% so far

Https://www.investi.com.au/api/announcements/emh/1460b303-a41.html

Another vote of confidence for EMH - European Bank for Reconstruction and Development €6m Strategic Investment

For ref 67% DR pellets they attract a $45 premium on top of the 65% rate according to fastmarkets

https://www.fastmarkets.com/insights/demand-iron-ore-dr-pellet-market-improves

Good point the premium is currently 55% higher than $23.8 in the PFS at $37/t 65% $149/t according to https://www.metal.com/Iron-Ore/201804260009

$149/t is 25% above the $118.8/t in the PFS

It would then be closer to 25% on the NPV chart making it closer to $2bn (the rail cost reduction also improves NPV)

$949m NPV assumes average price for 62% iron ore concentrate of US$95/dmt which is currently 18% higher at circa $112/t

Brings the NPV10 to circa $1.5bn based on the sensitivity analysis.

https://www.cadenceminerals.com/wp-content/uploads/2022/12/Figure-1.3..png

https://markets.ft.com/data/commodities/tearsheet/summary?c=Iron+ore

Assuming 67% Fe is possible you'd expect it to be even higher given the premium it trades at.

KDNC Holdings in HAS, EG1 and EMH were also up overnight in Aus which also helps.

Https://www.edisongroup.com/research/a-mispriced-miner/32481/

"Cadence Minerals is a mining-focused investment company with unlisted investment assets that the market appears to be clearly mis-pricing. Its portfolio of public equities accounts for £10.2m of its £12.7m market cap, leaving an implied combined value of £2.5m for its 30% stake in the Amapá iron ore project and its minority stake in the Sonora lithium project. In our view each of these is worth more than this, and we believe a conservative base-case valuation of both to be £45m or 26p/share at their current stages of development. This values Cadence at 32.2p/share, more than four times its current valuation. Our high-case valuation is 57p/share."

"The Board sees further potential within our private and public holdings for further listings and potential transactional activity to bolster Company returns."

Hopefully a strong H2…

https://twitter.com/stockshaman/status/1681182926111907843

Good luck, it's a crazy cheap price now, you get Amapa and Sonora effectively for free

Mexico's foreign minister steps down to pursue presidency

June 7, 2023

Marcelo Ebrard has stepped down from his position to focus on the presidential nomination for his party for the elections to be held in June 2024. He is a prominent contender for the ruling MORENA party.

https://www.dw.com/en/mexicos-foreign-minister-steps-down-to-pursue-presidential-bid/a-65845719

"However, the decree has faced strong criticism from the mining titleholders as a result of certain irregularities detected during the legislative process. In response, several indirect amparos (petition for constitutional protection) have been brought against the decree, some of which have obtained provisional suspensions. Additionally, the members of the National Action Party parliamentary group filed an action of unconstitutionality before the Supreme Court to examine the legislative process and determine whether said irregularities could lead to the invalidation of the amendments."

-----

He is retiring soon so we will have to see if the next leader has a different attitude too:

"A rush by top members of President Andres Manuel Lopez Obrador’s government to resign from their posts has marked the beginning of the ruling Morena party’s three-month campaign to pick a successor for the charismatic Mexican leader known as AMLO.

Lopez Obrador, who has retained nearly 60% voter approval, has said he won’t hand-pick his successor for the 2024 presidential election. Instead, Morena is supposed to choose its candidate in September after running a series of polls. "

Thanks for posting @Barksy

Anticipate the challenge

For Jorge Molina Larrondo, international trade specialist at TEC de Monterrey, we will have to be very attentive to the six-year T-MEC review, as Mexico’s partners will surely want to be stricter.

“By including Section 10 of the Mining Act that the lithium value chain will be exclusive to the Government of Mexico, a window is opened for the United States, and above all, Canada, to challenge this article,” he said.

In the case of the project in Bacanora, Sonora, it has British involvement, so if the government wanted to confiscate it, it wouldn’t be so easy. “Mexico has signed an agreement with the United Kingdom, and it will expire until 2031, so the government must respect this agreement, otherwise it will also mean getting into trouble with the European Union,” he said.

Https://www.critica.com.mx/vernoticias.php?artid=102741&mas=1

Ganfeng is ok https://expansion.mx/empresas/2023/07/03/litiomx-sin-acercamiento-empresarios-mineros

What happened to Ganfeng?

As for the situation of the Chinese mining company Ganfeng , which had the Bacanora Lithium concession, the president of Camimex said that he did not know the exact situation of the relationship with the federal government, but considered that there was most likely an agreement.

"They must have reached an agreement because there has never been talk of an expropriation," he commented, but noted that this is not a Camimex issue since it belongs to the scope of the agreement between individuals and Camimex deals with policies for the mining industry.

https://expansion.mx/empresas/2023/07/03/litiomx-sin-acercamiento-empresarios-mineros

Https://www.clevelandcliffs.com/news/news-releases/detail/199/cleveland-cliffs-closes-on-transaction-to-acquire-30

FYI: March 05, 2007 https://www.clevelandcliffs.com/news/news-releases/detail/199/cleveland-cliffs-closes-on-transaction-to-acquire-30

CLEVELAND, March 5 /PRNewswire-FirstCall/ -- Cleveland-Cliffs Inc (NYSE: CLF) today announced that it has completed the previously announced transaction to acquire a 30 percent interest in the Amapa Mine, a Brazilian iron ore project.

Cliffs purchased 100 percent of the shares of Centennial Asset Mining Fund LLC, an affiliate of MMX Mineracao e Metalicos SA ("MMX"), whereby it acquired 30 percent of the Amapa Project. Cliffs purchased the shares of Centennial Amapa for $133 million. The all-cash transaction was financed with cash on hand.

It is currently estimated that $350 million of additional capital will be required for the project to become fully operational, which will include approximately $250 million of project-level debt financing. Cliffs will be responsible for its 30 percent pro-rata share of equity capital. These funds will be used to procure mining equipment, construct an ore beneficiation plant and update rail and port infrastructure to support the project.