Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
These people seem to be up and running, with an export market in Israel and otherwise EU compliant :
https://ohridorganics.com/news/
One of 60 licensed entities in North Macedonia, AIUI, some of which may also have progressed to production.
There's a UK connection...to hydrogen....
https://fuelcellsworks.com/news/hydrogen-utopia-international-plc-hui-to-acquire-49-of-ohrid-organics/
2 x pipedreams, perhaps ?
GLA
Hi Rider75,
You're right, I think somewhere Chris spoke of the benefits of having extra funds to deploy, either on 'larger' cases or on cases with a favourable risk:reward profile. Maybe somewhat higher risk, but materially higher upside, so a 'sexier' element of the portfolio.
ATB
Marty 40/4 and SCP 28/3.
Https://www.arabnews.com/node/2504926/business-economy
RIYADH: Brazil’s biofuel market is set for substantial growth as UAE’s Mubadala Capital has committed to invest $13.5 billion over the next decade.
......
Oscar Fahlgren, head of Brazil strategy at the sovereign wealth fund, disclosed the budget for the initiative during an interview with the Financial Times. He divulged the details of the fund’s plans to produce renewable diesel and sustainable aviation kerosene primarily utilizing non-food plant matter.
.......
“It’s all about feedstock (which) in reality is agriculture. And Brazil is probably the best-placed country on the planet when it comes to agricultural proficiency because of the climate and the fertile soil,” said Fahlgren, adding, “Brazil is to agriculture what Abu Dhabi is to oil.”
.......
“It’s a very important capital project,” Fahlgren said. “I see tremendous opportunity to invest in the green energy transition space in Brazil,” he added.
.......
Mubadala’s venture into bioenergy will leverage its existing $6 billion investments in the country...
All grist to the investment mill...
GLA
Seb's latest, overnight :
.".Bainbridge Fund wants Judge Preska to compel Argentina to transfer the ownership of all YPF shares expropriated by the Republic in 2012. Bainbridge is one of multiple holdouts with favorable judgment that haven’t yet received payment. Bainbridge is also trying to attach Central Bank assets..."
This tweet already appears to have received 101.6K views...!
A few analysts/investors ....and maybe a lot of Argentinians?
Hmmm...
Today's depeches reports that this project - a potential 600 Mw dam on the Congo-Cameroon border, is being re-opened to tender on a BOT (37 year tenure) basis.
For reference, C-B's current main power supply ex ENI is about 500Mw.
(1 )French TPF Group exited the Chollet project because of a lack of clarity re funding. The Chollet project has been encountering obstacles for at least five years. According to a joint statement of the energy ministries in Cameroon and Congo made public in September 2021, the Congolese side has been struggling to mobilize the funds it needs to carry out the project since 2017.
(2) Shortly thereafter, under a BOT (Build Operate Transfer) contract, China Gezhouba said it would build a 108m high dam, forming an 85m waterfall on the Dja River (also known as the Ngoko River), which flows through Cameroon and Congo before joining the Sangha River, itself a tributary of the Congo River. The project requires an investment of an estimated $700 million...
(3) Now the project is (again) being put out to re-tender, suggesting that China Gezhouba hasn't progressed matters.
(4) Interesting because this is the same China Gezhouba that was also separately awarded two other dam contracts in C-B in 2022, involving Paul Obambi (Sapro Mayoko) and his Energaz subsidiary, see
https://www.enerdata.net/publications/daily-energy-news/chinas-gezhouba-group-will-build-two-dams-totalling-331-mw-congo.html
25 MAY 2022
"The Congolese government has signed an agreement with a consortium of Energaz, a local company, and the Chinese state-owned construction and engineering corporation Gezhouba Group (CGGC), to build the 230 MW Morala and 101 MW Nyanga hydropower projects in the south of the country, with a combined capacity of 331 MW. In addition, the two companies will rehabilitate* a 19 MW Liouesso hydropower plant, commissioned in 2017. Hydropower accounts for 28% of Congo's installed capacity with 214 MW (2020). "
Lots of photos of Obambi shaking hands with Little Den at the time.
*The 19.9-MW Liouesso hydroelectric plant on the Sangha river was constructed by the China Gezhouba Group itself, at a cost of about US$110 million.
So Gezhouba won a contract to rehabilitate a dam that it had commissioned 5 years earlier. Two years on there's no news on progress re the other two dams, at Morala and Nyanga.
Perhaps fortunately, ZIOC's hydropower requirements are being looked at by China Machine Engineering Corp CMEC.
Ho hum.
Hi BlueWiley,
This may also be BUR Boffin Boys-related...
Interesting article - referenced by Seb - in Clarin, the largest newspaper in Argentina and the second most circulated in the Spanish-speaking world.
https://www.clarin.com/opinion/coletazo-populista-vilo-ypf_0_R2UyhPN6Eg.html
"Another populist blow that has YPF on edge"
Goldman Sachs has an 18% stake in Clarin.
I wonder whether BUR is co-ordinating strategy with Wall Street ?
Clarin initially supported the Kirchners, then fell out with them over their attempts to muzzle the press.
Its editorial stance is centrist/right-wing and it subscribes to the politics of 'developmentalism', the notion that the performance of a nation's economy is the central source of legitimacy that a regime may claim. Per wiki " the notion of developmentalism has resurfaced more recently in the developed world – notably in the economic planks of 'unorthodox' policy makers such as Donald Trump and Bernie Sanders in the United States..."
The article re-caps the YPF saga and places the blame squarely on the Kirchners. In so doing, it appears to be supporting Milei in his battles with Congress, by seeking to neutralize opposition to his plans.
Article mentions the litigation threat to YPF's current ambitions
.."The execution, if it proceeds, could open a Pandora's box where the uncertainties about YPF's new shareholding structure would compromise the company's strategic plans and projects that are fundamental for the intensive development of Vaca Muerta..." and concludes
.."The current administration and management of YPF have made explicit plans to internationalise the oil market, intensify the exploitation of non-conventional resources and respect the company's management autonomy in a context of increased competition with other market players.
It would be regrettable if this whole process of investment to boost the economy were to be frustrated or slowed down by a ruling in a case in which YPF was the victim of populist mismanagement..."
Full article elsewhere.
GLA
And, on a less facetious sporting note, the Congolese sporting talent is overseas because of things like this - concern over where the national team may have to play its qualifiers for the 2026 World Cup (hint : not at home, as things stand) :
From today's depeches :
.. The Congo has eleven stadiums, but none of them has been approved to international matches.
The Alphonse-Massamba-Débat stadium, which was keeping up appearances after its provisional approval is not currently on the list of grounds selected to host the next World Cup qualifiers.
Updating is possible, subject to the stadium inspection procedure of the Confederation of African in force.
The country could avoid the ordeal of relocation if the authorities start work on the work on the Alphonse-Massamba-Débat stadium. Its artificial turf that no longer meets standards needs to be replaced by a new one. Since the Fifa alert
warning in September 2023 work has not begun.
Playing on a neutral pitch is expensive for the home team, because of the extra costs involved in travelling away. This is a
disadvantage for them as it is difficult to pick up points without the home crowd support that is often called ' a twelfth man...
Speaks to the dire state of the economy....
ATB
And now I'm with Jiving on this!
.." Not only is the FEED suggestion likely a teaser to entice broader bids, quite possibly so also is the whole Marty start-up, buy-in project: designed to squeeze out bids for a full buyout without blatantly stating that goal..."
If you look at his full linked-in experience, Marty looks very much like a 'troubleshooting gun-for-hire'.
His last reported job, before joining ZIOC was
Glencore
1 yr 2 mos
Head of Strategic Projects - Africa
Jan 2022 - Sep 2022 · 9 mos
Establishment of strategic project definitions, estimates, leadership and controls for KCC and Mutanda [in 'problematic' DRC ] to achieve their full potential.
He may well have been 'consulting' for GLEN > ZIOC on the Project since ZIOC's acquisition process in Nov/Dec 2022.
His linked in job at ZIOC started in Nov 2023, his appointment was only RNS'd 5 days before the AGM, on December 14, where Elphick says that .." Marty brings extensive experience in project development, operations and transformational growth phases in the mining industry. These positive attributes are essential to moving the Zanaga Project forward, especially in light of the recently announced strategic objectives of the Company."
He hasn't joined the Board 'yet' - " will not be joining the Board of Directors at this stage, but a potential Board role will be considered in the future..." and his compensation package hasn't AIUI been disclosed - but would have to be in the FYE Dec 2023 results.
And, maybe the clincher for me, suggesting that this isn't a long-term posting for Marty : the Federation Congolaise du Rugby facebook has a massive 1,900 followers...and, as with soccer, most of the Congolese rugby talent plays elsewhere.
Just my take on things
GLA
FWLIW, I'm with MM on this.
I see this as 'earnest money' and a gauge of seriousness, expressing politely 'right, gentlemen, time to p*ss or get off the pot'.
ATB
AIUU , 134 licenses have been issued to grow cannabis in Greece.
Even if only 10% progress to production - something that HELD hasn't managed yet - that's still 13 potential competitors.
Not much of an 'advantage' for HELD, on the face of it.
Especially as it doesn't appear to have samples to show to potential buyers.
AFAICS
'"Ah yes the dastardly telegram shorting group.."
We live in a victimhood culture : it's always somebody else's fault.
57% of pipeline is 1 customer, unnamed...
At the date of this announcement, approximately 9% of the £330.7 million current pipeline figures are supported by either signed term sheets or the signed new letter of interest.
It turns out that getting release from existing banks' floating charge has been an issue..
Quelle surprise. Not.
GLA
interesting geopolitics in action :
- denmark sells 24 f-16s to argentina for $ 300m;
- denmark gifts 19 f-16s to ukraine;
- having decommissioned its entire f-16 fleet, denmark replaces them with f-35s;
- although the f-16s are 'obsolete' , they're good enough to have shot-down (apparently in dog-fights, not missiles, at least 2 chinese/****stani (?)sourced russian jets...)
- the uk has a veto on sales of jets (like the f-16)that use british martin-baker ejector seats, so must have ok'd the sale to argentina (perhaps after american arm-twisting);
- the west (esp us , who has spare parts sales)can give milei something for the local electorate...and incidentally thwart the alternative being tabled, buying from the chinese).
machiavelli or bismarck ?
gla and atb
Hi Mitch,
I wondered about this as well.
But - with acknowledged confirmation bias - I think there's another way of looking at this : Elphick's public - facing image and a desire to 'do the right thing', maybe even with a hat-tip to possible 'pari passu' considerations :
If there's a public presentation and the 12m SCM shares become available thereafter, no-one can claim (socially or legally), that they weren't given a fair chance..
Just a thought
GLA and ATB
.."Does imminent in Italian mean something else 🙄.."
Great Q!
Take your pick :
.."Eminent is often used to describe someone or something that stands out above others in a noticeable way, while imminent is used to describe something that is about to happen very soon. Immanent, another adjective which is pronounced exactly the same as imminent is defined as “being within the limits of possible experience or knowledge.”
ATB
Seb tweets
https://twitter.com/business/status/1785333561458864203
(1) Bloomberg
@business
Javier Milei notches a congressional win after Argentina’s lower house approves the privatization of some public companies and other key chapters of his omnibus reform bill
.....
(2) Seb : YPF judgment creditors initiate discovery of the oil & gas company's assets. They request Judge Preska to order YPF to produce documents that will prove that Argentina and YPF are the same (Alter Ego) so they can start seeking and attaching assets.
The filing includes some examples of egregious = corrupt expenditure by the Kirchners, payroll padding, political advertising etc...
Ho hum
If the Minister has misremembered Mitsubishi for Mitsui , the latter has an equity stake in Binding Solutions Ltd, the pelletising specialist where Trahar Senior (ex AngloAmerican CEO and then Chair) is a shareholder and was a Director for a while...
I believe that ZIOC did some work with them about 6 years ago
https://www.lse.co.uk/rns/ZIOC/pellet-test-announcement-ivf3a91en5p15hw.html
https://bindingsolutions.uk/2022/03/03/binding-solutions-secures-equity-investment-from-leading-asian-
conglomerate-2/
BSL's 2 most recent news shows they're progressing their cold pelletization technology at pace.
These are the other shareholders
https://bindingsolutions.uk/about-us/#strategic-partners
The largest shareholding is an opaque offshore co, Concord Atlantic, probably represented by Director Julian Treger ex Anglo Pacific (as was, now Ecora)) : AP has a small stake, Tregere has 'significant influence or control'.
The Director Belleau comes from Champion Iron, where GLEN has a stake and Jyothish George (former Head of Glencore Iron Ore Marketing) is a Director.
'Maybe, baby..?'
If he's misremembered Mitsubishi for Mitsui, the latter has an equity stake in Binding Solutions Ltd, the pelletising specialist where Trahar Senior (ex AngloAmerican CEO and then Chair) is a shareholder and was a Director for a while...
I believe that ZIOC did some work with them about 6 years ago
https://www.lse.co.uk/rns/ZIOC/pellet-test-announcement-ivf3a91en5p15hw.html
https://bindingsolutions.uk/2022/03/03/binding-solutions-secures-equity-investment-from-leading-asian-
conglomerate-2/
BSL's 2 most recent news shows they're progressing their cold pelletization technology at pace.
These are the other shareholders
https://bindingsolutions.uk/about-us/#strategic-partners
The Director Belleau comes from Champion Iron, where GLEN has a stake and Jyothish George (former Head of Glencore Iron Ore Marketing) is a Director.
'Maybe, baby..?'
GLA
.."Now that some numbers at least are in the public domain, let's see what happens!.."
And I see from t'other site (MM) that ' AT has been communicative. I understand that all the Strategics have received the full FS report and recostings *but* under NDAs as you might well expect. Of course this makes them insiders and hence they cannot buy ZIOC shares - at least not yet...'
If they've already been primed to expect the info, we might start to see some newsflow pretty soon.
GLA
Hi atg,
Oops!
On going back, I see that @10:11 you said 'NPV is an indicative financial tool and by definition highly punitive in discounting the future value and return. .." , and it was MM who challenged an assumed dismissive tone that wasn't there.
I agreed that it was a starting point before looking at other things, I said for example (1) country risk premium/discount and (2) that it was by definition vulnerable to the impact of any delay (in our case project implementation).
OTOH, I recognise that I'm looking at ZIOC's project from the narrow financial perspective of a lender and that the Strategic Investor(s) will likely have very different agendas and priorities, which we as outsiders can only guess at.
The number of hats in the ring may give us some clues.
Here's hoping!
ATB