Member Info for extrader

The RNS description is 'Settlement of Fees and Issue of Equity'.

The content has nothing to do with fees and is (unhelpfully, again) an aggregation of the £ equivalent of principal + interest on a loan expressed as drawn in USD.

Sloppy writing betokens sloppy thinking, IMO.

Duly recc'd and agreed...I especially liked the ref to 'green steal ' ...

GLA and ATB

And I forgot China, which benefits from uninterrupted oil flow from the Middle East.....

Where does the fact that Saudi joined the West (and Jordan) in repulsing the Iranian attack on Israel fit into your world view?

No-one is interested in super-expensive oil, which damages Biden's (cough) election prospects ...and benefits Russia.

'It's complicated'.

ATB

Where does the fact that Saudi joined the West (and Jordan) in repulsing the Iranian attack on Israel fit into your world view?

No-one is interested in super-expensive oil, which damages Biden's (cough) election prospects ...and benefits Russia.

'It's complicated'.

ATB

MM : For as long as GLEN seeks to extract value from the Marketing/Royalty arrangements, it will be associated with the Project...and with C-B.

The EITI people for one will be looking closely at the deal that (we all hope) emerges. As will a number of other ESG -focussed parties, whether we like it or not.

IMO, of course.

ATB

Hi JammyC

As to the Q before Preska, perhaps the doc/info that BUR wants to include (but keep confidential) and ARG wants to exclude (and make public) is something that is useful to BUR (legally) and to ARG current Govt (politically).

What might that be ?

Perhaps it's the dubious circumstances/transaction detail surrounding prev Govt role in the YPF saga : say, from BUR's POV, something that may cast the Defendants in a bad light (morally, etc), but doesn't imperil their legal position, but which for Milei's Govt- if publicised- could neutralize/discredit the prev Govt / Kirchner et al opposition to any eventual attempt at settlement.

In other words, ARG/Milei may be trying to gain political points domestically (by disclosure of doc contents now), whilst still opposing the docs' admission in evidence (esp.if they recognise that the contents won't help ARG legally).

Whatever, the US stock market seems relatively sanguine : GGAL closing only fractionally down at $29.60 and YPF @ $ 21.17, both favourable compared to the wider market, FWLIW.

GLA

.."The natives are getting restless..."

This won't help matters.

I think the situation just got more complicated ;-<

https://www.icij.org/investigations/pandora-papers/us-prosecutors-push-to-seize-apartment-tied-to-congolese-president-in-luxury-trump-complex

The US Gov filing 29 March is a civil asset forfeiture case against Big Den, with details.

Timing is 'unhelpful' - to say the least - and seems particularly a complicating factor for GLEN, who's working hard on clearing up historic issues on the ethics compliance front.

The 'reputational risk' stakes have got higher, which may impact GLEN's overall priorities in any deal and/or the structure of the transaction, AFAICS.

OTOH, this (or the likelihood/possibility of something similar) will have been a 'known unknown' for some time and a contingency that's hopefully already been factored in. The approach to handling of any 'news' will be interesting, to say the least....

'Dum spiro, spero'

GLA

Hi Driving,

Re the yanks, I think the situation just got more complicated ;-<

https://www.icij.org/investigations/pandora-papers/us-prosecutors-push-to-seize-apartment-tied-to-congolese-president-in-luxury-trump-complex

The US Gov filing 29 March is a civil asset forfeiture case against Big Den, with details.

Timing is 'unhelpful' - to say the least - and seems particularly a complicating factor for GLEN, who's working hard on clearing up historic issues on the ethics compliance front.

The 'reputational risk' stakes have got higher, which may impact GLEN's overall priorities in any deal and/or the structure of the transaction, AFAICS.

OTOH, this (or the likelihood/possibility of something similar) will have been a 'known unknown' for some time and a contingency that's hopefully already been factored in.

'Dum spiro, spero'

GLA

Hi TA

You're right, of course.Senior moment.

Quantitatively/ qualitatively apples and oranges, but still.

I stand corrected.

ATB

Speaking of taxes, C-B seems to be having trouble raising any...

From BrazzaNews last week there was a report about the preventive detention and fine of the head of customs, for alleged forgery of documents and misappropriation of funds.

Today sees :

..." 1000 billion FCFA in revenue in 2024, this is the objective set for the Congo tax services under the leadership of DG Ludovic Itoua. A real cover-up, his place is in prison. Sassou must stop running this country like a family grocery store. #Chezmoiaucongo.."

.."Why does Congolese customs only mobilize 100 billion FCFA per year, while Benin's customs revenue amounts to 700 billion FCFA / year? Where does the Customs money go? A real mafia in an organized gang. #Chezmoiaucongo..."

.."How incredible is that??? Senegal makes 1500 billion per year. There really is something fishy going on. Having lived in the Congo and importing food to Brazza, I find this strange!!!.."

The natives are getting restless.

GLA

.."Banco believe it will happen othrrwise their name would not be in an rns..."

Normally, I'd say 'fair point'.

But several companies have been 'mentioned in despatches ' - Quadrivio, our Middle Easterners etc - that subsequently fiddled out.

Maybe 'this time it's different'.

Agreed. Maybe.

GLA

Thanks for the link, MM, a couple of observations :

.."Oman has started construction of what could be the world’s largest green steel plant that plans to use iron ore from Cameroon.." if true, suggests that Vale may be shopping around elsewhere.

Perhaps Mbalam-Nabeba ?

https://www.mining.com/web/cameroon-to-start-building-railway-to-disputed-iron-ore-project-in-august/

.."The US has been actively brokering Saudi, Emirati and Qatari investment in riskier jurisdictions, such as the Democratic Republic of Congo, where western companies struggle to enter, in order to keep China out, according to executives from mining companies and trading houses, as well as a senior US government official..."

When elephants fight, the ants get crushed.

DRC is more obviously 'strategic' , but C-B - as you've pointed out - appears to be in China's camp. Could the US act as a spoiler...or as another contender ?

.."the kingdom aims to secure copper, IRON ORE , lithium and nickel from overseas for processing domestically through Manara Minerals, a joint venture established last year between Ma’aden and the Public Investment Fund. In return for minority investments into established operations run by blue-chip companies such as BHP and Rio Tinto, it aims to receive metals supply — a model Japanese trading houses have successfully deployed for decades..."

Describes the Zanaga situation to a T...

.."Much like the Chinese, the Gulf states are promising resource-rich nations an investment package centred around mining; Zambia expects the UAE to invest in agriculture, tourism and energy..."

AD has a recently launched Africa -specific solar energy fund through Masdar, we already know that DXB offers useful banking facilities.

All helping the 'mood music', IMO

GLA

I suspect that having anyone (outsider) doing potentially price- sensitive work on ZIOC's concession would be an RNSable development, surely?

GLA

Frank Kane is Editor-at-Large of AGBI and an award-winning business journalist. He acts as a consultant to the Ministry of Energy of Saudi Arabia and is a media adviser to First Abu Dhabi Bank of the UAE....

Consider the source.

GLA

And, for completeness' sake, the EITI's observations re (1) Zanaga and (2) Mbalam-Nabeba, upcountry :

(1) Mining Project Development (MPD) Congo S.A. (member of FedMines) has been held since December 2022 by the sole shareholder Zanaga Iron Ore Company, which is listed on the London AIM Market (Glencore holds 48.26% of ZIOC).

(2) Sangha Mining Development Ltd is owned by Hong Kong-registered Best Way Finance. It is itself owned by another Hong Kong-based company called GRL20 Nominee. The structure is ultimately owned by a holding company registered in the UK territory of Anguilla, operating under the name of First Director Inc. It is not a member of FedMine.

Looking at the ownership structures, which of the above would you wanting to do business with ?

GLA

And, for completeness' sake, the EITI's observations re (1) Zanaga and (2) Mbalam-Nabeba, upcountry :

(1) Mining Project Development (MPD) Congo S.A. (member of FedMines) has been held since December 2022 by the sole shareholder Zanaga Iron Ore Company, which is listed on the London AIM Market (Glencore holds 48.26% of ZIOC).

(2) Sangha Mining Development Ltd is owned by Hong Kong-registered Best Way Finance. It is itself owned by another Hong Kong-based company called GRL20 Nominee. The structure is ultimately owned by a holding company registered in the UK territory of Anguilla, operating under the name of First Director Inc. It is not a member of FedMine.

Looking at the ownership structures, which of the above would you wanting to do business with ?

GLA

And the relevant bit re Sapro Mayoko, also p 80, being :

.."In 2016, the Congolese company SAPRO Mayoko (Congo) bought DMC from the South African group Exxaro Resources Ltd, which held the Mayoko-Lékoumou iron ore mining licence in the Niari department. The company exported 40,000 tonnes of iron ore (DSO) in 2019, but since then it has not exported any more iron ore due to the poor state of the Chemin de Fer Congo-Océan (CFCO) railway line, which is in poor condition..."

FYI

And the relevant bit re Sapro Mayoko, also p 80, being :

.."In 2016, the Congolese company SAPRO Mayoko (Congo) bought DMC from the South African group Exxaro Resources Ltd, which held the Mayoko-Lékoumou iron ore mining licence in the Niari department. The company exported 40,000 tonnes of iron ore (DSO) in 2019, but since then it has not exported any more iron ore due to the poor state of the Chemin de Fer Congo-Océan (CFCO) railway line, which is in poor condition..."

FYI

The relevant bit re Turkish ULSAN acquiring Mayoko Moussondji - from the EITI (p 80) - being...

.." In July 2021, a third iron ore mining licence (the Mayoko Moussoundji licence) in the Niari department, held by Congo Mining (a subsidiary of the British group Midus Holding Limited), was withdrawn by the government. In August 2023, this licence was reallocated to the Turkish company ULSAN Mining Congo SAU. In 2021, the three companies affected by the licence withdrawals (Congo Iron, Congo Mining and Core Mining) and their investors (Sundance Resources, Midus Holding Limited and Core) initiated arbitration proceedings against the Congolese government before the Paris Chamber of Commerce and Industry (CCI)...."

FYI