Member Info for extrader

This is an old report on what Mayoko may have, no idea whether it's since been upgraded.

https://miningnews.co.za/2014/02/13/exxaro-gets-nod-for-mayoko-iron-ore-project-in-drc/

.."the initial phase will be looking at about one to two million tons. We will do further studies as we extend it to five and ten million – potentially higher than that..."

That's about ZIOC Phase 1.

AIUI

Followed by this

.."https://www.mining-journal.com/base-metals/news/1455238/vales-board-gives-green-light-to-saudi-fund-in-base-metals-bid...

This was the situation as of 5 days ago

https://valorinternational.globo.com/business/news/2023/06/25/sale-of-vales-metals-stake-expected-to-close-by-september.ghtml.

HTH

It’s actually a disguised advance, from TAG, of money that TF is supposed to pay, supported by TAG taking shares, valued at a preferential rate, as collateral.

AFAICS.

Hi NewKotb,

In fact, we haven't, which is even more supportive that 'this time it's different' :

-30/6/2021

-01/7/2020 (Weds, maybe Covid??)

-27/6 2019

-29/6/2018

-29/6/2017

-30/6/2016

-26/6/2015

-25/6/2014

-27/6/2013

Maybe you've been around even longer than me (;-< !!!), but this last decade they've mostly always been (just) within the reporting deadline

As I said elsewhere, Elphick comes across as a bit of a stickler for the rules.

It's reasonable to think that, yes, this time it IS different.

Famous last words.....

We'll see !

GLA

Hi YuriF,

I didn't intend to suggest that, I expressed myself badly, missing a stage (or stages!) in the thought process.

The part payment in Yuan of an IMF obligation tells me that Argentina is open (perhaps out of necessity?) to 'creative' ways of settling its debts.

If BUR can be similarly creative in coming up with an indirect or unconventional (and preferably face-saving) method for Argentina to agree a settlement, that would be a 'win-win'.

I have in mind the 'creativity' used by NML/ Paul Singer and others that resulted in a (relatively) quick payout, after a change in government.

HTH

Https://www.batimes.com.ar/news/economy/argentina-to-make-us27-billion-as-imf-negotiations-continue.phtml

Argentina to make US$2.7-billion as IMF negotiations continue

Government set to make payment due in June to the International Monetary Fund. In order to avoid a further dollar haemorrhage, payment will be made in part [US$ 0.8 billion] in Chinese currency, with the rest from unused Special Drawing Rights....

Dire straits.....but maybe opens up for BUR's asset recovery people some new lines of enquiry?

;->

Hi Uncle B

.." Overall, I would say JOHN and TOM have done very well financially out of AZ .."

Quite.

Not forgetting the deal introducer, Parzival Partners, the May 2020 incorporated HR consultant specialists

https://find-and-update.company-information.service.gov.uk/company/12596148/filing-history

What were they paid? £ 1.5m or something like that.

The relevant accounts aren't out yet (there's been an unhelpful year-end change) and some ownership reshuffling.

Oh well. It probably seemed a good idea at the time.

Maybe it's precisely because we've had so many false dawns that there's warranted scepticism.

But this time, we don't just have a feasibility study update or a revisit of costings to talk about : there's the corporate restructuring (which many see as a game-changer) and the AD Ports investment in the port, both very tangible; 3 x iron ore green plants proposed in the Gulf as part of their diversification into other sectors, upstream and down; the VALE/Saudi IPO tie-up; and the wider 'mood music' re 'green ore'; de-dollarisation; South/south tradeflow realignment etc.

As a sign of the times, Argentina (resource-rich applicant for BRICS membership, alongside Saudi and UAE) announce that companies and individuals may open accounts in Yuan and use them to buy shares in Argentina companies.

https://www.batimes.com.ar/news/economy/argentinas-central-bank-allows-banks-to-open-accounts-in-chinese-currency.phtml

The lack of material buying in the face of all these pointers bothers me a bit...but perhaps others are also still sceptical, after all the false dawns and over-egging in the past. Or maybe we're missing something ?

On this board, we've naturally assumed that ZIOC would be the focus .... and Sapro Mayoko would benefit from the 'halo effect' as tag-along.

Playing Devil's advocate for a moment, could Saudi's courting of 'Big Den' be about Sapro Mayoko ...and ZIOC is the sideshow ????

After all, GLEN supposedly already has an offtake agreement there and - if Obambi IS a front man - DSN gets a bigger slice of the pie.....

I don't have a sense of where Sapro is at in resource levels is, but it already has some (limited, sporadic) production.

Now, that would be something of a curved ball, wouldn't it?

Even so, we'd still be in play.....

No, it isn't

https://breakbulk.com/articles/ad-ports-inks-deal-for-congo-port

DYOR

Https://www.reuters.com/legal/litigation/column-sysco-cedes-antitrust-claims-litigation-funder-burford-two-sides-drop-2023-06-29/

BUR seems to be setting precedents here, as it did with accounting treatment for the SEC. Apart from making money...

AIUI

And because of Eid (!) there's no-one around that they can consult re the wording....(in my dreams).

;->

Sebastian Maril

@SebastianMaril

- Massa bets on yuan?

- Bullrich and Larreta on the peso?

- Milei on the dollar?

Bring the ballot boxes!

ZIOC usually leaves it to the last minute and in 2020 issued on Weds 1st July.

If nothing were going on, the RNS would be a quick c+p job, as we've observed in the past.

Ho hum

Argentina's Central Bank Allows Banks to Open Accounts ...

Yahoo

https://ca.style.yahoo.com › argentina-central-bank-all...

3 hours ago — (Bloomberg) -- Argentina's central bank will allow the country's commercial banks to open customer accounts in yuan, as it seeks to address ...

De-dollarisation step by BRICS candidate Argentina , as it seeks to pull away from Washington / USD orbit….

Impact on post-judgment, post- election settlement negotiations …?

…..

Meanwhile, far, far away

Argentina's Central Bank Allows Banks to Open Accounts ...

Yahoo

https://ca.style.yahoo.com › argentina-central-bank-all...

3 hours ago — (Bloomberg) -- Argentina's central bank will allow the country's commercial banks to open customer accounts in yuan, as it seeks to address ...

De-dollarisation step by BRICS candidate Argentina , as it seeks to pull away from Washington / USD orbit….

Hi Jiving,

I think there's an almighty hurry to get things done : it was only last month (24 May) that Canada re-set its diplomatic relations with Saudi. A 'condition precedent' because VALE's proposed IPO mineral division resources are in Canada, so any deal would need Canada's blessing.

Within 4 weeks, Saudi emerges as front-runner for the IPO and AD Ports converts its (recent) Congo port option into a 30 year contract.

The 'consortium' will want to reduce execution risk - everywhere in the chain - as much as possible. ZIOC is the next big/obvious risk, IMO :

Big Den is 80+, the paperwork on the Congo side of things needs to be in place asap...and all legally unassailable.

Even governments or parastatals will have to 'go through the motions' and show their 'credit committees' or whatever that ZIOC has all the necessary approvals and permits in place. Any 'Western' corporates will, for sure.

The VALE IPO issues, complicated and played out in Western jurisdictions , are mainly procedural and - I would suggest - relatively 'low risk'.

The ZIOC situation isn't complicated and shouldn't (hah!) be time-consuming, but its resolution would remove a big risk.

So I'd expect the consortium to want to tie up this loose end quickly.

Maybe we'll get an indication tomorrow?

ATB...and GLA !

.."Why did the Saudis make the jets available, when there's no visible benefit to be seen? .."

As you've shown so well from your own detective work, all this would certainly be 'visible' to the corporates/competition/ potential rivals - the only parties that 'the consortium' might be concerned about....and would send a very clear signal that 'Big Den' was in 'the consortium's' pocket.

My biggest concern has always been that 'old habits die hard' and that the old man might try a shakedown, playing one potential suitor off against another. The 'umbrella shareholding' approach you describe (everyone inside the tent p*ssing out) makes that harder to accomplish.

On the other hand, with such a potentially transformative deal and all the trickle-down in-country benefits, maybe DSN, now in his 80's , is no longer focussed on personal wealth and - perhaps? - more on his legacy : father of the nation and guardian/ saviour of the planet....

Fanciful ? Maybe. Whatever it takes to neutralize him.

IMO

Chapeau!

And thanks for sharing your target s/p , which I calc as £10.60 to £16.00, if I've understood right.

A lot of charities would suffer an 'embarras de richesses'.

ATB

Good spot, MM.

Again, all early doors (still only at MoU stage) and .." In this project, ITOCHU will be responsible for sourcing the high-grade iron ore .." but

(1) ITOCHU proposes to supply from Canada...and service the Far Eastern market; and

(2) Per this earlier article https://www.wam.ae/en/details/1395303086725, Abu Dhabi clearly has grander ambitions, to be

.." a ferrous raw material production facility [hub]in Abu Dhabi that would become an integral part of a global low carbon emission iron supply chain..."

Wouldn't it be grand if Abu Dhabi could source from a supply closer to home - and to the end customers - one that it controlled?

;->

PS You've still got time to enter the sweep, I'm sure there'd be a lot of interest. No pressure, then.