Member Info for extrader

.."The difference is (I hope) Zioc have better leadership - as Brad Sampson at KP2 was only ever interested in drawing his salary as long as possible..."

I don't have a dog in this fight, since I wasn't in KP2 long enough to get any measure of the man, but I'm favourably impressed with the restraint ZIOC BoD and management have shown over the years - in Elphick's tenacious avoidance of shareholder dilution and in the related salary sacrifice ( 65% discount on Deferred Remuneration) that has recently been (partly) shown.

I'd like to think that the restraint shown in the discount is an indicator that - having got what they believe to be a realistic and achievable sale price in mind - they're embarrassed at the optics of being seen collecting the full whack ;->

Put the handbags away, guys.

There'll be time enough for countin'

When the dealing's done.

MM has a good find re Pecem (Brazil) on the other board...

You're right re Pecem , I'd forgotten that detour.

And - even better - looking at the link you provided, I see that the FTZ actually includes a pretty substantial steel complex, CSP has an annual capacity of 3 million tonnes of steel slabs.

It was bought by Arcelor Mittal last year for $ 2.2 Bn...from Vale, DongKuk and POSCO...

https://www.reuters.com/markets/deals/arcelormittal-buy-steelmaker-brazils-csp-22-bln-vale-posco

And the FTZ als has one of those fashionable 'green hydrogen' plants...

All 'grist' - or premium ore- to the rumour mill ;->

Something's gotta give !

ATB

Good spot, MM!

Little Den may indeed be acting as 'summit sherpa' lining things up for a grand gesture by BigDen in time for COP28.

Some of the 'lining up' may not be for public consumption.

Like you, I note his twitter radio silence. I stumbled on this other, unreported side-trip when he attended the Belem summit in August : https://twitter.com/NicolasMaduro/status/1687277504287981568

Little Den meeting Maduro in Venezuela.

It might have been to encourage Venezuela to attend/support this month's 3 basins or to discuss other matters involving the UAE, which has a very flexible approach to business.

https://www.reuters.com/article/venezuela-oil-uae-specialreport-int-idUSKBN2930YE

There's a link I can't find at present that suggested that LittleDen and Venezuela used the same company formation specialists in the UAE.

LittleDen was doing this round about the time of the Reuters Venezuela report : https://www.africaintelligence.com/central-africa/2021/11/02/masono-the-sassous--new-dubai-venture-for-selling-snpc-crude-oil,109702414-art

.."Congo Masono, the Sassous' new Dubai venture for selling SNPC crude oil

Denis-Christel Sassou Nguesso has set up a new company registered in the United Arab Emirates to buy SNPC crude oil at low prices, in order to resell it to established traders at a mark-up...."

Certainly what promises to be a 'news-rich' period coming up.

Fingers crossed!

I’d like to think that was possible, but both LoI’s mention “Brazilian” ore and the second even specifies the mine, Minas Gerais.

Could just be sloppy journalism, but the content normally comes from a company press release.

Unfortunatley, it looks as though the supply is already sorted out.

https://www.essar.com/essar-secures-100-raw-material-supply-for-saudi-steel-plant/

.."Dubai, UAE, September 7, 2023: Vale International, a wholly-owned subsidiary of Vale SA, a global mining company and a leading producer of Brazilian iron ore and iron ore agglomerates, entered into a partnership with the multinational conglomerate Essar Group. This collaboration aims to supply iron ore agglomerates for the Green Steel Arabia (GSA) project. The Letter of Intent (LOI) was signed on 1st of September, 2023.

Through this partnership, Vale will supply Essar Group with 4 million tonnes per annum (mtpa) of Iron Ore Agglomerates (DR grade pellets and Briquettes). Operating from facilities in Brazil and Oman, Vale is a leading provider of high-quality raw materials to Integrated Steel Producers worldwide..."

The remainder of Essar's needs for the plant will come from an earlier LoI with Bahrain Steel.

Manama, Bahrain – 17th August, 2023: Foulath Subsidiary, Bahrain Steel, a leading producer, and global supplier of high-grade iron-ore pellets, has partnered with multinational conglomerate Essar Group in the supply of iron ore pellets to the Green Steel Arabia (GSA) project. The Letter of Intent (LOI) signing ceremony was held on Wednesday, 16th August 2023, in Jubail, KSA.

https://www.essar.com/foulath-subsidiary-bahrain-steel-signs-loi-for-iron-ore-pellet-supply-to-essar-groups-ksa-green-steel-project/

Through this partnership, Bahrain Steel will deliver 4 million tonnes of DR-grade pellets per annum (mtpa) to Essar Group. Bahrain Steel is the only GCC-owned pellet producer and leading supplier of high-quality DR grade pellets to all integrated steel producers in the region.

For its part, Bahrain Steel appears locked in to a long-term supply agreement with AngloAmerican, who supplies it from AAL's Brazilian mines

https://www.spglobal.com/marketintelligence/en/news-insights/trending/qejdc9awvrv-frsbtbpntq2

Bahrain Steel, Anglo American sign new 20-year, US$15B iron ore supply deal

2 May 2019

Bahrain Steel BSCC EC reached a new 20-year, US$15 billion deal with Anglo American PLC unit Anglo American Marketing Ltd. for the supply of pellet feed to its pelletizing plants in Hidd, Bahrain. Anglo American will supply 8 million wet tonnes of pellet feed per year, with a minimum 67% iron content produced from its Minas Rio iron ore mine in Brazil, to Bahrain Steel's plants, which have an annual rated capacity of 12 million tonnes of finished pellets.

Not sure how 'binding' (boom!boom!) the contract is, but on the face of it, no opening for ZIOC.

ATB

.."Do you have any thoughts on ATs potential remuneration, as it doesn’t seem to have been announced(and I assume he is owned a fair fee years wages?.."

I'll have a guess .

There are 3 elements :

- deferred remuneration from 10/2018 = 11.1 m shares, covers 'Board + team' (Velloza appointed 9/2018, so included?)

-LTIP from 2019 = 13.6m shares, ditto (Q:how much LTIP from before?)

-Retention Fee from 2019 = 2.9m shares (BoD since Jan, mgment since Sept )

Total shares issued early October = 27.6m

Elphick, Dines and Velloza disclose (5.3m) on Oct 2.

Simplistically, if the board (unchanged since start of deferral) took 5.3m/27.6, that suggests 22.3m for 'management/the team' over the same period.

I got the impression these would be AT and 2-3 other technical advisors (consultants on retainer), maybe 60-65% for AT , the balance for the others?

If so, ballpark 13 to 15 shares for AT ?

There are 7.4m warrants outstanding, of which 3m new for the Country Manager, so AT could also be lined up for some of those ?

Could be way out.....and in any case, as I mentioned earlier, I think they've left themselves some wiggle room on the upside : the 29 Sept RNS ends the 'Cash Reserves and Funding' section with these words :

.." As of today, discussions with management continue and a resolution is expected to be reached imminently through the issue of shares in consideration of PART of this [Ed.: 3 elements] deferred consideration."

HTH

Happy to hear what you/others think?

Hi Driving,

I'm still not clear whether there's anything to be read into the 'unknown trades' - ie whether they're delayed buy (or sell) orders and if so, whether by Shard or A.N. Other(s).

I'm sure that the ZIOC team will be happy to see the s/p moving above their ' deferred remuneration' 5.29p award price.

Next stop is the Country Manager who's been granted options over 3 million shares , with an exercise price of 7.5 p per share.

We were told about the CM award. He's not a PDMR,but I wonder whether we'll be similarly informed if/when he exercises?

Waiting and watching for any hints of activity..!

Any thoughts?

TIA and ATB

Https://twitter.com/brazzanews/status/1718596398248050874

Meanwhile, Tschikedi of DRC uses the 3 basins co-operation summit to announce that he's not interested in the proposed road-rail bridge across Congo River, to link Kinshasa with Brazzaville ( and enable onward travel to PointeNoire).

.."He (The President of the DRC) rejected the initiative to build the bridge between the Republic of Congo and the DRC and denounces the increase in Congo Brazzaville customs prices..."

Apparently, from the btl comments, C-B got on better with Tschikedi's (deposed) predecessor, Kigali...(he of DPWorld/Banana port concession commission fame)...

Tschikedi gave a powerful speech bemoaning the lack of inter-African co-operation, the tendency to stab each other in the back etc etc.

All his points greeted with thunderous applause.

..."In Brazzaville, the president of the DRC ignores the summit of the 3 basins and indexes the hypocrisy of some. “No one is going to take us seriously, if we ourselves are not serious”… Poignant speech.."

Fifteen countries turned up (one unidentified Gulfie, likely UAE) most given coverage descending from private jets; Macron and Lula joined via brief video-conference; organisation a bit chaotic ; local complaints about unfinished roads, power shortages, 'beautification' schemes, pre-summit 'street market eyesores' being broken up/hidden from view...etc .

A bit of a vanity project, IMO, that seems to have blown up in Big Den's face a bit.

Doubt Tschikedi will be on his Xmas mailing list.

Https://twitter.com/SassouNGuesso_/status/1718610947114230090

.."States are renouncing development projects, such as the construction of transport infrastructure and mining, which could harm the preservation of forests.

These collective efforts call for particular attention and active solidarity from the international community, notably through financial compensation linked to the preservation of biodiversity and tropical forest ecosystems...."

With COP 28 now in sight, what's the betting that Zanaga mining concession happens to be in the midst of some pristine forest (that - cough!- hitherto only BigDen's logging mates have had access to ?).

Oh -it is. And the logging companies ...and hunters etc ...have been busy bees.

https://news.mongabay.com/2014/10/the-zanaga-iron-ore-mine-a-test-of-best-laid-plans-for-preserving-wildlife/

This old article gives some comfort that ZIOC has some defences in place - not least the 'pending' Environmental Approval that was a key milestone, subsequently approved.

Per RNS Nov 2017

.."A Social and Environmental Impact Assessment study (SEIA) was lodged with the Ministry of Environment of the RoC in April 2014. Following comments received from the Ministry of Environment an amended SEIA was transmitted in June 2017 which has been approved through the award of the Zanaga Project's Environmental Permit signed on 6 November 2017..."

Interesting to note that the slurry pipeline option was already in favour back then....

GLA

And the second (hand in amongst plants) is taken from this , seemingly non-stock, photo

https://mobiustrimmer.com/how-to-harvest-cannabis-for-maximum-trichome-retention/

Ho hum.

You're right.

It's been lifted from here

https://www.itv.com/news/2021-04-02/how-britains-crown-dependencies-plan-to-cash-in-on-cannabis

Use Google image search, input 'commercial greenhouse cannabis'.

Google IS indeed your friend - on this occasion.

ATB

.."the Founder Shareholder Rami Ajami (already 405m shares) got cold feet in June/July and wanted his money back .."

I was wondering why that might be.

The change of strategy was announced 6 June, the s/p had been flirting in the £0.18 - 0.20 range in the days immediately prior, by 10th June it had fallen to £0.11.

Looks to have been the right call, AFAICS.

From gozo elsewhere

.."Interesting that HELD settled a convertible loan not back in July (to reduce dilution to share holders).."

Even more interesting is that HELD said at the time (6 July 2023) that

.." Progression of the Company's strategy, as detailed in its Prospectus and as amended by recent announcements, is therefore not impacted by this repayment."

this was because

.."the Company has also made an application for two grants both domestically in Greece and at EU level along with entering into advanced discussion with a well-known financial provider to support the acceleration of our contract cultivation PODs by way of a capital financing instrument."

The Euro 304k grant came through 3 weeks later, no sign of the 2nd domestic Greek grant so far.

Do you think Riverfort (RGO) MCap £ 4m meets the description 'well-known financial provider or that Rai had somebody else in mind 3 months ago?

It looks to me rather that the Founder Shareholder Rami Ajami (already 405m shares) got cold feet in June/July and wanted his money back (rather than convert to shares at a thumping loss).

AFAICS he'd have picked up 125m shares @ £0.003- worth £125K at the £0.1 prevailing late June;

but the bonus 125m Top-Up shares @ £0.003 were only available if he converted within 9 months of Admission (5 December 2022) ie by 5 Sept 2023;

and the warrants - another 125m , also @ £0.003, are available for exercise until 5 December 2024.

IMO, he'll have been aware by June/July of the slippage to 'cultivation/harvest, where we're now looking at late-December AIUI.

Having shelled out - on the face of it, £ 375,000, he'd have to fork out another £37,500 before Dec 2024 to exercise the warrants= an outlay of £412,500 for 375m shares, where he'd have a break-even of £ 0.11.

Until then, with 250m shares, he'd have a break-even of £0.15....

I think he looked at risk/reward and decided to cash out. You'll see from the July RNS that HE initiated the approach to HELD; they 'proposed repayment in full'; a proposal that he accepted.

How do you think the conversation actually went?

On the other hand, Riverfort has given itself 5 months for that Greek grant to appear, so that if can offer more finance.

All AIUI, let me know if you think I've misunderstood anything.

ATB

Good spots, MM !

Your ref to .."David Cataford, chief executive officer of Australia-owned Champion Iron Ltd., a competitor to Australian producers which supplies higher-grade iron ore from mines in Canada. “If you’re producing lower grade, we do feel it’s going to be more complicated in the medium term.”

[GLEN has an offtake agreement with Champion and GLEN staff Jyotish George is a Director].

prompted another look at Binding Solutions Lts BSL,

https://bindingsolutions.uk/

where Anthony Trahar (AT's Dad, ex CEO of Anglo American) had some kind of 'safe hands' brief directorship during BSL's corporate changes a couple of years back.

BSL is using a recent equity investment ($17.5m) from Mineral Resources Australia to progress the design and construction of a demonstration plant (the “Demonstration Plant”) for its innovative technology capable of producing approximately 50 tonnes per hour of cold-bonded iron ore pellets.

" BSL’s patented process uses minimal heat and very limited energy to produce high quality pellet or briquette products primarily for the global iron ore and steel industry. The technology reduces energy usage and CO2 emissions by up to 95% and 93% respectively compared to traditional induration processes, while also virtually eliminating SOx and NOx. At the same time, BSL’s technology enables reductions in capital investment costs of approximately 90% per 1 Mtpa of production. "

- Champion Iron (8.5% shareholding) provided earlier bridge finance and has a Director;

- DTSL and Julian Lee (8.65% and 13.9% respectively) are the founders, providing 2 x Directors;

- 'ACN 665 899614' (17.55%) , located in Perth WA, presumably Mineral Resources, has Director Jason Keys*

*was previously global marketing manager for Iron Ore at BHP Billiton for five years, and for the 12 years prior to that he held senior sales and marketing roles within BHP Billiton Coal and Rio Tinto Coal and Iron Ore.

- Concord Atlantic Hldgs Ltd (26.4%) is an opaque Bermuda-based asset manager; has no director BUT...

- Cotec Holdings (3.1%) also provides a Director (Julian Treger), who is said to have 'significant influence or control' of the Company.

- Mitsui (4.3%) previously provided seed capital in an earlier investment round.

It looks as though the Australians are scouting around for any way to put lipstick on its 'pig' iron.....

And if BSL could work wonders for low-grade Aussie ore, what more might it do with Zanaga's premium product ?

I don't want to hear 'pennies' drop, I'd like £2 coins, pls....

ATB

masergt elsewhere posts a scenario that goes beyond what i'd thought possible :

"but we have "an international financial institution" on board now. this should not be happening!" what - you mean the sp tanking?

this is rgo with an mcap of ~£4m, an npv at -60% and a string of losers in its pf:

https://www.ajbell.co.uk/market-research/lse:rgo

it hasn't lent held £3m. it's created a very profitable 'cln' that it can take to another financier to fund the £450k draw down, take a 6% fee and skim the rate difference. neither company tells a true tale and so, i guess, deserve each other.

main market credibility for held? *******s! just less regulation - they'd never have got relisted on aim, and that says it all. shareholders who got locked in here all that time ago don't deserve this **** nor the stupid posts."

nah, maser mate, tell us what you really think....

;-

This may be it

https://www.mining-technology.com/projects/mayoko-project/?cf-view

Looks OK-ish, but not quite Zioc's 67.5%.

There's an article where Equatorial drew a distinction (in their favour) between its stuff and Exxaro/Sapro's....

The Chinese article has been edited, the first version I saw referred to Congo-Cloth Iron Ore Project, the second to Congo- Iron Ore Project (I have the screen-shots).

Maybe the character for 'cloth' has other meanings in Chinese? Or it's a give-away to the mine's identity?

Enough of this! The weekend - and rugby - approaches.

ATB

A similar survey conducted on the remaining 780km² in 2010 increased the exploration target to 1.6-2.6 billion tonnes of ore graded at 30%-65% Fe. Between 320Mt and 520Mt of target ore graded from 40% and 65% of Fe corresponds to potential and beneficial DSO.

Sapro Mayoko is at Mayoko Lekoumou , Equatorial (Q 'Ulsan's) mine is at Mayoko Moussendiji.

This is an early Sapro write-up

https://www.mining-technology.com/projects/mayoko-project/?cf-view

Ore quality looks to be OK-ish, but below ZIOC's 67.5%

.."A similar survey conducted on the remaining 780km² in 2010 increased the exploration target to 1.6-2.6 billion tonnes of ore graded at 30%-65% Fe. Between 320Mt and 520Mt of target ore graded from 40% and 65% of Fe corresponds to potential and beneficial DSO..."

HTH

.."Not on AIM. .."

If HELD had been on AIM, it would have had a NOMAD keeping an eye on things (including vetting some of yesterday's release).

Instead, HELD went for a 'standard' - review-lite - listing on the main market.

DYOR and DYOC

You're welcome !

MM elsewhere has suggested Sapro Mayoko as the possible target co, I think there's an issue over ore quality there (Jiving comment IIRC). There are 2 mines in Mayoko, only 1 with the 'good stuff'...

And there's the reported Turkish involvement (Ulsan) in the 1 with the good stuff (ex- Equatorial Resources) see

https://lesechos-congobrazza.com/economie/9516-mayoko-le-gisement-de-fer-qui-dispose-de-reserves-estimees-a-917-millions-de-tonnes-attribue-a-la-societe-ulsan-mining-congo-sau

..."Pierre Oba, Minister of State, Minister of Mining Industries and Geology, submitted to the members of the Council of Ministers, Saturday, August 12, 2023, for consideration a draft decree awarding to the company ULSAN Mining Congo SAU an operating permit for iron, known as the "Mayoko-Moussondji" permit.

Minister of State Oba clarified that the applicant company submitted an application for a permit to operate an iron deposit in the indicated area on October 17, 2022. This permit has fallen back into the public domain, because it had previously been withdrawn from the company Congo Mining, then holder of the said permit.

This iron deposit has estimated reserves of 917 million tonnes, of which 38.5 million tonnes are directly exploitable.

With a lifespan of 30 years, the annual production forecasts of this deposit are 300,000 tons per year for the first phase and 16.5 million tons per year in a second phase that would exploit hard rock.

The applicant company undertakes to carry out without delay, that is to say as soon as the permit is obtained, the environmental and social impact studies as well as the feasibility study; The implementation of this exploitation will create about 700 jobs, including 600 for the national workforce.

Finally, the overall investment of the project, including the specific infrastructure required, is estimated at 15 billion US dollars (sic).

After examination and discussion, the Council of Ministers adopted the draft decree awarding ULSAN Mining Congo SAU a mining permit for iron, known as the "Mayoko-Moussondji" permit..."

This is the higher quality ore Mayoko (not Sapro's), held by Congo Mining and taken from Equatorial Resources, currently subject of international litigation, see

https://www.miningweekly.com/article/equatorial-resources-makes-11bn-claim-against-congo-2023-03-16

Equatorial has meanwhile told shareholders that the company is evaluating the merits of a litigation funding agreement, which would provide the company with non-recourse funding to cover the legal fees and other costs of the arbitration against Congo..."