Member Info for extrader

In terms of 'set-piece' events, we have an AGM due sometime in November, I believe.

I was one of the few attendees at the only one I've ever been to (about 5 years ago, there were 3 of us), I'm hoping / expecting that a few more will be there this time around !

Oops!

.." relevant to Digger Dave's recent comments .." should read as ".. relevant to Digger Dave's/ Alas _Smith's recent comments..." of course.

Apols to both.

"There seems to be a media blackout over here to protect the markets, but there is a story on Reuters..."

Somewhat off-topic (OTB) but relevant to Digger Dave's recent comments re investment choices.

Energy consumption is a proxy for economic development, and 'energy' is still largely hydrocarbon-related.

There's a gap between what the politicians and Western media say - a promise to double down on their commitments to all things green- and the economic and geopolitical reality : 10 days after all the glad-handing (and triumphant headlines in the West) over the recently-concluded G 20 summit in India, we get this , for some reason overlooked by the mainstream media :

hxxps://www.constructionworld.in/energy-infrastructure/coal-and-mining/india-plans-40--more-coal-use-in-thermal-power/4463

Come again ?

India plans 40% more coal use in thermal power

21 Sep 2023

According to the statement made by RK Singh, Power Minister, it was revealed that India intends to increase its thermal power capacity by additional 25-30 gigawatts (GW) in addition to the 49 GW of coal-based units that are currently under construction. Consequently, upon the completion of these projects, the country is expected to consume an extra 292 million tonnes (MT) of coal on an annual basis.

It is known that 3.5-4 MT of coal is required to generate 1,000 megawatts (MW) of power at a plant load factor (PLF) ranging from 65% to 75%, which aligns with the Indian average. Considering the coal consumption of 3.7 MT for each GW, this new plan will result in a 38% increase in total coal consumption compared to the current levels.

As of March 2023, India's coal-based power generation capacity stood at 212 GW,, with projections indicating that it will reach 260 GW by 2030. If the additional 30 GW capacity is indeed constructed, India is poised to possess around 290 GW of coal power by 2030.

As the article drily notes "The power minister's announcement was somewhat unexpected, especially in light of the recent G20 declaration led by India, which emphasized ambitious goals related to green energy... "

My Dad's investment basis was reduced to 'all the P's' - power, pills, pints, pounds - and it worked for him !

NAI and ATB

I've more ZIOC now than I'v ever held in my life.

Since I don't see you adding much value, other than cut 'n paste uncritically or carping about others, you can join the select few people I've bothered to filter.

For context, here's the full text of my comment on advfn, in reply to someone asking about how many shares were available under the Shard facility . Note the comment immediately above shaun 86's selective quote:

.."There are 2 agreed 12m tranches and a 3rd at ZIOC's discretion.

They're partway through the 1st 12m

If you're concerned about dilution, there are warrants for abt 20m shares outstanding and there'll probably be another slug of shares issued shortly.

This announcement is probably what has triggered the latest interest: to make up for the last 4 years that management/Board haven't taken salaries.

The news that they're going to sort this out 'imminently' makes people think something MAY (finally)be about to happen...

Non Exec Chair/founder Elphick has abt 80m shares and has been miserly in share issuance since 2010, keen to avoid dilution.

Speculation elsewhere is that there might be 50 to 100 million issued as a result.

HTH

NAI, DYOR etc etc "

Hi shaun86,

You're way off the mark, pal.

On 29th Sept Jiving mentioned 50-60m as a guess, subsequently revised down.

I identified the outstanding options, another 20m approx.

In the circs, an offhand remark on an infrequently used board seems pretty OK to me.

And I'm puzzled at your carping now, since on 7th September, you wrote

.."Nice to see extrader giving some balance to the boards, someone obviously wants the price to stay low for a bit longer.."

Maybe Cliff owes me a drink, too!

And you owe me an apology.

.."Neither side seems to have tried to 'leg over' the other...."

Should have added ' which presents the appearance at least of a united front in any discussions with third parties'.

At a complete wild-ass guess on my part, that would be old China hand Dines earning his keep...

AFAICS

Well done BoD!

Worth noting the changes in shareholding that result :

Cliff Elphick :

from 80,252,592 / 593,374,746 at buyout = 13.52%.

to 82,419, 812 / 632,989,909 now = 13.02%

GLEN :

from 286,340,379 / 593,374,746 = 48.26%

to 286,340,379 / 632,989,909 = 45.24%

GLEN has given up just over 6% of its shareholding in ZIOC, Elphick just over 3% of his.

Neither side seems to have tried to 'leg over' the other...

The numbers will need re-working if/when the 7.4 m outstanding options are exercised, when the denominator could rise to 640,393,584.

E&OE.

Quite right.

And, before all those 'inflexion points', starting out prosaically, by sorting out an admin issue :

You can't close a deal without letting your shareholders know what it means to them in terms of their shares. and seeking their approval......and you can't do that unless/until you've got the denominator fixed.

Think of every 'holding' RNS you've ever read :

.."Following Admission, XXX Warrants will remain outstanding, and the Company's issued share capital will comprise YYY Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules..."

We shareholders/owners are aware of the (capped) potential share increase via Shard, if we're diligent we may be aware of outstanding warrants, but we have no idea of what the remuneration catch-up might entail...so there's already a potentially 'false market' developing, one that IMO needs rectifying asap with a clarification.

Management may even have had this pointed out by the NOMAD, hence the somewhat last-minuteish remark at the very end of the verbal commentary and before we dive into the financial review :

.."it has been agreed with the Directors (SINCE JANUARY 2019) and Management (SINCE SEPTEMBER 2019) that fees previously deferred would be reviewed. As of today, [OVER 4 YEARS LATER] discussions with management CONTINUE and a resolution is expected to be reached IMMINENTLY through the issue of shares in consideration of part of this deferred consideration..."

With an AGM coming up - date so far unspecified - in November, when 'questions might be asked' and approvals might be needed, something that's been quietly on the back burner for 4 years is being sorted out now, because it's (suddenly) become important to do so.

That's my take, anyway....

ATB and GLA

ZIOC sweep (updated) : remember, the idea is to give your EXPECTED TAKE-OUT SHARE-PRICE and a CHARITY that you'd like to give A CERTAIN %AGE of your 'winnings' to - we then all agree to give 'our' %age INSTEAD to the charity chosen by WHOEVER IS CLOSEST TO THE MARK.

You've had the weekend to digest latest developments...and some initial reaction today : 5 million traded already today by the look of things.

Maybe ' this time it's different', to coin a phrase.

So, for all the regulars....and any newcomers, it's time to sharpen your pencils and join the sweep.

The line-up so far :

82p GTA5 U24.GOV.UA 5%

100p Tommo1985 Cats Protection 1%

120p SolomonB BirthLink 2%

138p cheets2 Christie Hospital 10%

141p Driving Christian Aid/Congo 5%

185p ShrewdDude 67 Macmillan 2%

199p Veteran10 ?Charity? ? %

200p extrader Alzheimer Research 2%

225p Iceman MND Research 2%

230p AberdeenMan Macmillan 2%

236p sadako Katie Piper Foundation / Fundacion Amor y Esperanza 1% each

250p TheDealBreaker Hinckley Homeless 1%

285p HappySwinner Alzheimer Research ?%

342p nibj ?Congo humanitarian 5%

420p Rafaley Cancer Research/ St Peters Hospice 1% each

Apols for the formatting !

Some of you haven't filled in all the bits eg nominated charity or %age, others -including beardozer and unaccountably MM (has he gone AWOL ?) - haven't joined in yet....

Thanks for the input provided already...and for a choice of good causes.

Everyone's welcome to join in : just cut and paste, then (1) insert your price and (2) name in the list where appropriate, adding (3) your chosen charity and (4) %age of 'windfall' that you would donate to the charity closest to the final takeout price.

If anybody's changed their expectations - up OR down- it might be interesting to share which way...and why !

TIA

..the US and the EU team up to develop the Lobito Corridor (Angola /DRC (east)/Zambia), promoting agriculture etc, but also 'better' access to DRC/Zambia's strategic minerals wealth.

All this agreed at the recent G20 summit in India.

Mind you, there's sometimes a gap between what the politicians say - a promise to double down on their commitments to all things green- and the economic and geopolitical reality : 10 days after all the glad-handing (and triumphant headlines in the West), we get this , for some reason unreported by the media :

https://www.constructionworld.in/energy-infrastructure/coal-and-mining/india-plans-40--more-coal-use-in-thermal-power/4463

India plans 40% more coal use in thermal power

21 Sep 2023 CW Team

According to the statement made by RK Singh, Power Minister, it was revealed that India intends to increase its thermal power capacity by additional 25-30 gigawatts (GW) in addition to the 49 GW of coal-based units that are currently under construction. Consequently, upon the completion of these projects, the country is expected to consume an extra 292 million tonnes (MT) of coal on an annual basis.

It is known that 3.5-4 MT of coal is required to generate 1,000 megawatts (MW) of power at a plant load factor (PLF) ranging from 65% to 75%, which aligns with the Indian average. Considering the coal consumption of 3.7 MT for each GW, this new plan will result in a 38% increase in total coal consumption compared to the current levels.

As of March 2023, India's coal-based power generation capacity stood at 212 GW,, with projections indicating that it will reach 260 GW by 2030. If the additional 30 GW capacity is indeed constructed, India is poised to possess around 290 GW of coal power by 2030.

As the article drily notes "The power minister's announcement was somewhat unexpected, especially in light of the recent G20 declaration led by India, which emphasized ambitious goals related to green energy... "

It's just as well that ZIOC makes commercial - as well as 'green' - sense !

ATB

It was just a misunderstanding - some folk got excited about SYME working with one company ( a serious finance entity, on the face of it) when actually it's working with another (fill in the blanks).

The only novelty is that this time the misunderstanding doesn't appear to have originated with AZ, but on the BB.

Just keep on DYORing...

And another Kicillof-related scandal breaks...

hxxps://buenosairesherald.com/politics/axel-kicillofs-chief-of-staff-resigns-amid-luxury-trip-scandal

" Kicillof said in a post on X (formerly Twitter). “Explanations will be delivered in the appropriate spaces.”

The Buenos Aires governor also announced he will be sending a bill to the provincial Legislature to eliminate the entire chief of staff office.

“This is not about doing ‘honesty marketing’ in the middle of the electoral campaign. To us, governing is a tool to make other people’s lives better,” Kicillof said.

Who needs Private Eye ?

ATB

PS Driving,

I'm holding you to Abergele !

The only part of Welsh Wales that I know (a bit) of is the Gower Peninsula....

Happy to learn more!

PS Whatever your holding over 4m, you buy the first drink!

ATB

Hi Driving,

In fact, I see (whether with a lawyer's insight or not), you actually asked this a while back

.."If zanaga issue new shares, therefore diluting Glencore (unless they subscribe), to in turn pay the loan+interest back to Glencore, isn’t that some kind of conflict of interests to Glencore, that is against their shareholders?

If so Glencore then are left with 2 choices(IMO)-

1) sell the lot

2)buy the lot

* Unless they are confident of a deal being concluded, and the loan merely a “tide over”....

Either way, a good question!

ATB

Hi Driving,

I like the idea (I think) of GLEN not getting diluted - important to them- but how do you see that working? You seem to be saying that they'll somehow get 40 m to offset a new 40 m to be made available to directors/.management.*

*Incidentally, the Nominated Directors, [and] the term of their appointment,[includes] their annual fee of GBP57,500 per annum.

Annual fees in respect of the Nominated Directors are to be paid by the Company to Glencore International, however payment IS TO BE DEFERRED until such date as is determined by the Board.

Where from? Shard 1 (12m) is at least partially subscribed. That leaves only Shard 2 and 3 (latter at ZIOC's request/discretion) = 24m max , assuming Shard don't find /accept any other competing buyers....

And can GLEN actually buy more shares? I'm not clear on this :

It won't (a) try to de-list and it will (b) for now, until mid November, comply with orderly market provisions 'on any disposal of shares', but the RNS is silent on whether it can (even if only to maintain its original stakeholding).acquire more shares, AFAICS.

The lawyers must have had a lot of fun drafting the agreement to cover so many possible eventualities !

ATB

And looking through the last couple of ZIOC A/Rs, it appears that there are the following options outstanding :

- 1.6 m for consultancy 2014, exerciseable @ 18.5p;

- 4.6m to a 'participant' (4.4m exercised Q1 2019 out of 9m awarded);

- 13.6m issued Aug 2019 to 2 x 'non-employee individuals and a consultant, all 3 for consultancy services.

So that's dilution of 19.8m shares right there.

There were 'share-based payments' of $546K in 2021 and $ 163K in 2022.

Maybe also worth noting - harking back to the good old (early) days, when Directors had reasonable expectations of Project progression - that ZIOC has/had the authority to pay up to £ 500K pa for a (full) Board of Directors.....

AT seems to appear on the scene around April 2011...

HTH

PostScript

I note your comment re Elphick's reported £ 7K in ZIOC 2019 director fees.

Page 133 of the GemDiamonds 2022 A/R says

"Apart from interests in private entities, only Clifford Elphick holds any significant executive directorship or appointments outside the Group. He is appointed as the non-Executive Chairperson of Zanaga Iron Ore Co Limited, which listed on the AIM Market of the London Stock Exchange in November 2010. Total fees paid to Clifford Elphick by Zanaga are £83 000.

Any fees paid to Clifford Elphick in fulfilling these external roles are retained by him."

The same statement appears in A/R 2018 (p89), 2019 (p93), 2020 (p97) and 2021 (p133).

Hmm.

The other big unknown input is what 'guidance' they have on what the shares might eventually be worth : hypothetically, if you expect a monetisation event @ 50 p per share, you'll want a lot shares more than if you reckon - based on 'approaches', discussions or whatever - that you'll clear £ 2 ...or £5...or whatever.

And - of course - how much is 'enough' for the individuals concerned....

Back in the real world, I'm off to a car boot sale now - nothing over £3, nothing under £ 1...

ATB

The 2 bits - railway Brazzaville to PN; and rail/road bridge Kinshasa > Brazzaville - may not be, ahem, 'connected'.

The DRC seems to have cooled on the Kinshasa-Brazzaville rail/road bridge...and is looking at its own deepwater port, at Banana, per

https://www.theeastafrican.co.ke/tea/news/rest-of-africa/dr-congo-to-delay-construction-of-link-bridge-to-brazzaville-1438374.

What complicates matters is that Banana is supposedly being developed by DP World, AD Ports' Emirati rival...

https://www.africaintelligence.com/central-africa/2022/02/09/dp-world-qatar-and-abu-dhabi-ports-set-to-lock-horns-over-matadi-site,109732787-art

However, there are reportedly hiccups over the 'special arrangements' that Dubai had with former DRC President Kabila

https://www.pplaaf.org/cases/the-banana-port-papers.html

And AD Ports is distracted with another 'mano a mano' with DP World , in Tanzania

https://www.africaintelligence.com/eastern-africa-and-the-horn/2023/05/19/ad-ports-adani-and-dp-world-vie-for-dar-port-contract,109976110-art

It would be a relief to see AD Ports actually doing something concrete with its PN concession. Maybe it's just a 'placeholder' until other things fall into line...?

This article shows how Abu Dhabi and Dubai have expanded in Africa and also suggests that they're happy to take on China....

https://www.ispionline.it/en/publication/one-port-one-node-the-emirati-geostrategic-road-to-africa-131893

Let's see what transpires!

ATB

PS PP-FCC left Brazzaville this morning for Cascais / Portugal and is currently en-route to Miami....