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Savvy

.."Whoever bought the loan shares from the loan companies were able to short/trade this share .." and "The loan companies sold shares at 0.08 to reduce their risk.."

How do you know they sold at 0.08? What risk? That was the av price of the security at the time...and they'd have had a shrinkage margin.

Far more likely, IMO, that they enjoyed the 'assisted' ride up and cashed out at/near the top.
Esp given that we learned after the event that AZ had given them a cash alternative , when it comes to loan repayment and release of the security/ return of the shares.

HTH and ATB

Thanks for that insight, Matt. I stand corrected!...and maybe need to re-visit the 'reward' side of the investment case.

ATB

'A burnt child fears the fire' is an old German proverb.

Taking a $1bn hit is likely to impact most corporate cultures, I'd suggest ! Note the cost was in the commitments:

.."The Askaf deposit is located almost 600 kilometres from port in the west African nation of Mauritania, and Glencore agreed to an 18-year rail and port deal with a local government entity in June 2014...

Glencore may still be required to make payments for the rail and port access despite pulling out of the project, given a "take-or-pay" arrangement was a component of the 18-year deal..."

Since 'take-or-pay' is a popular form of comfort/security to finance institutions, GLEN's experience may complicate discussions somewhat.
IMO

Good find and duly recc'd!

There's a couple of lines missing, viz..."Baowu will purchase 126 million mt of Rio Tinto's iron ore products following the proportion of equity, which means Baowu will buy about 11.5 million mt from Rio Tinto per year..."

So, a couple of things: BaoWu is about a 46% shareholder in the Oz J/V; it seems willing to buy its entitlement from/via Rio Tinto (which may be relevant for GLEN's offtake arrangement at newZIOC); ....and maybe 12 million is a nice round number from an 'eggs in basket'/scale of operation perspective....

'Every little helps'.
As the story continues to progress, I wonder whether some 'mad money' - or preferably 'informed'! - investors will start showing speculative interest?

Ho hum.

.." I'm sure Peter Hill will have read the memo....and extrapolated across to Zanaga..."

As he's Head of Marketing GLEN's iron ore (including whatever it offtakes from Champion), no doubt he's fully up to speed on Glencore's current thinking on high grade and high grade pellet feed .....;->

George is no longer Head of Marketing iron ore at GLEN, he's moved to zinc and copper, to be replaced by Peter Hill.

And George has presumably stepped down from Jumelles, his GLEN representational functions there having been taken on at 'new' ZIOC by.......Peter Hill.

ZIOC RNS 13 Dec..."Peter is Head of Iron Ore Marketing at Glencore International AG. Peter brings over 14 years' experience in the mining sector, having joined Glencore in 2009 and was previously at BHP Billiton..."

So, arguably even 'closer to the coal-face' - to mix metaphors in a way that Gary would surely approve of !
AFAICS

Thanks, MM.

..". For some perspective, China Baowu Steel Group – the world’s largest steel producer – put more carbon dioxide into the atmosphere than the entire country of ****stan did in 2020..."

Rather puts BaoWu on the spot, some might say.

For some more perspective, despite the Gulf economies being largely fossil-fuel driven, there's long been an awareness of the commercial (never mind the current 'greenwashing' fad) value of lower emissions: I was involved in financing the retrofit for a major aluminium smelter as far back as the '90's that was essentially about 'future-proofing' its production by making it amongst the (then) cleanest producers.

Never going to compete on the emissions front with hydro (Norway and Canada) or geothermal (Iceland), but some Gulf countries were interested even back then in raising their game as much as they could.

Ho hum.

.."Dp world have transacted $600m in one year and we are 10% of their lenders. .."

That's quite a specific claim. Do you have a link that supports it?

Hat tip to 1gw...

HVO may have a background role, but it looks as though the quarantining will be done elsewhere:
https://www.imperial.ac.uk/infectious-disease/research/human-challenge/covhic002/

and here's an explanation for the slowness in follow-through:
health-and-wellbeing/human-challenge-studies-what-weve-learned-from-intentionally-infecting

.."Could the challenge agent have been created more quickly? Perhaps, but with SARS-CoV-2, the high level of community infections meant that more traditional placebo-controlled studies (where people are given either an active or inactive vaccine and subsequent infections are recorded) were far more effective, and easy to conduct, for scientists trying to develop vaccines.

So, contrary to many people’s expectations, and despite their track record in accelerating vaccine development for diseases such as malaria, the SARS-CoV-2 challenge studies didn’t speed up the immediate development of vaccines.

The studies are, however, still very useful, as they were able to follow the infection closely from first exposure through to the development of symptoms and subsequent recovery. They revealed just how infectious the virus is, as participants exposed to even the smallest dose became infected. They also provided a useful validation of the sensitivity of rapid antigen tests..."

'Wake up and smell the coffee'...FILTERED

Under the 'source' column, it says AGG, which amounts to the same thing: look at all the other AGG co's......

Happy to 'undeceive' you.

Maybe this little bit will help?

There's a chance that HVO will see a little more action on those HMG Covid CHIMs.....some day.
Just rec'd in my in-box, from Imperial:

.."The COVID-19 Human Challenge Study (with the Delta variant) received ethics approval on 7 SEPTEMBER 2022 and is NOW recruiting. Further information about the study can be found on the website: COVID-19 Human Challenge Study: COVHIC002 | Faculty of Medicine | Imperial College London..."

Not exactly 'warp speed' is it?
PS : This is obv a criticism of HMG and the medical system, not HVO/POLB.

Ho hum

Thanks!
I have a small position in KP2 myself: another 'green' product; large resource; Gulf(Oman) and industry shareholders; big market directly opposite....'shame about the country'....so far.
ATB

Julius Baer is acting as a nominee (like HL or AJ Bell ie no direct interest itself, just buying and selling according to its clients' request) and one or more of its clients has asked it to buy less than £1m worth of shares.

There are pointers to the underlying : "JB is a 'wealth MANAGEMENT group" and "it has $ 460Bn AUM " (= assets under management", the metric that TradeFlow is curiously reluctant to quantify).

You should explain this to your alter egos, IMO

Hi 99icecream,

If you don't mind sharing, I'd be interested in the background to your decision to reduce ZIOC ('I have been able' suggests almost relief?). I believe you're also following (and maybe invested?) in KP2, so wonder whether your view is company/product specific or country-related, both, or 'other'?

Perfectly understand if you tell me it's none of my business!
ATB

With fingers in so many pies, GLEN has a lot to gain and a lot to offer as quid pro quo when it focusses, per Gary, on M & A

I'love to know what Gary was thinking before he corrected himself...!

I'love to know what Gary was thinking before he corrected himself...!

Meanwhile, GLEN’s lock on marketing arrangements (supply) seem to be matched by BaoWu’s similar lock on the demand side :

…”Baowu leads China’s new giant iron ore trading consortium, the China Mineral Resources Group, which will make purchases on behalf of about 20 of the largest Chinese steelmakers….”

Note minority shareholders in the RTZ/ BaoWu Simandou j/v

Rio Tinto has held rights to Simandou blocks 3 and 4 since 1997 through Simfer S.A., which is owned by the government of Guinea (15%) and Simfer Jersey Limited (85%), itself a joint venture between Rio (53%) and Chalco Iron Ore Holdings (CIOH) (47%).

CIOH is held 75% by Aluminum Corporation of China (Chinalco) and 20% by Baowu, with China Rail Construction Corporation and China Harbour Engineering Company each holding 2.5%.

And that the major Chinese investor in this part of Simandou is Chinalco, not BaoWu itself..