The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
Interesting FT article today, arguing that China's renewables drive will eventually lead to its being in a position to argue FOR climate-friendly policies, instead of dragging its feet eg on the coal power station front.
Relevant to ZIOC is this bit...
.." the EU’s Carbon Border Adjustment Mechanism. (CBAM)... is making Chinese producers of the affected sectors work hard to reduce their carbon footprint so as not to be locked out of European markets. Here are two important observations about that. The huge resources Beijing has sunk into green tech should make it a lot easier for its companies to adapt to policies such as CBAM.
Meanwhile, on the EU side, the fact that the policy works — both in protecting green EU industry from being undercut by dirty competitors and in encouraging decarbonisation efforts elsewhere — will make it easier to expand CBAM to downstream products.
The political and economic logic for this to happen is after all undeniable: it doesn’t do to protect green but expensive steelmaking while ignoring that carmakers, say, still face being undercut by producers using cheap and dirty steel..."
Even an ill wind powers turbines...
GLA
Guys,
The Piraeus offer is highly conditional and very short on substance.
The facilities discussed are :
(1) Export factoring = discount of receivables ie any payment risk on buyer, AFTER HELD has jumped hoops on performance (production, quality etc);
(2) APG's in respect of grants ALREADY applied for ie self-liquidating discount of (short term?) receivables ie primary payment risk on grantor, not HELD (other than secondary recourse);
(3) unquantified working capital for plant expansion (presumably above that plant already (?) commissioned - isn't that enough for a while?)
No detail re amounts of ££ involved, facility tenor, facility pricing or security terms.
It also requires a detailed reworking/updating of HELD's business plan (the original IPO version presumably now superseded by the recently acknowledged 'pivot' in business model), to be submitted by an independent third party consultant acceptable to Piraeus. Apart from the additional cost, that's not exactly a vote of confidence in HELD management, is it?
Nor does it seem likely to be a quick process, IMO.
A step forward, to be sure, but not quite as it's been bigged up to be, AFAICS.
GLA
It may just be a coincidence, but our EPC Partner Perth signed a month ago a 12mtpa beneficiation plant contract with an un-named Brazilian company..
http://www.psei.com.cn/news/219.html
Perth has been awarded a current contract for a 12 million mt/year iron ore roll drying option in Brazil
Release time:2023-12-13 16:59:33 Popularity: 108
Recently, Perth was awarded the current contract for a 12 million tonnes/year iron ore roller drying option in Brazil.
A case of 'every little fits' ?
ATB
Alan Bates’s next campaign is on behalf of Burford and other litigation funders, enabling them to carry on business in the UK! www.ft.com/content/1b11f96d-b96d-4ced-9dee-98c40008b172
Interesting to see the story in the FT : from having been dismissive of BUR for a while, the FT has done a 'reverse ferret' and is now running an article saying what a Good Thing litigation finance is...
.."Alan Bates: Why I wouldn’t beat the Post Office today
Litigation funding is vital in supporting ordinary people in their fight against corporate giants — now it is under threat"
GLA
Meanwhile, Depeches on the 10th carries a report that C-B and UAE are moving ahead on a long-negotiated 'Global economic partnership agreement' GEPA
Denis Sassou N'Guesso and Sheikh Mohammed ben Zayed Al Nahyane have decided to " take the initiative to make a concrete contribution" to the global fight against climate change, by developing a major a major project to provide the Congolese population with access to electricity, through of gas-fired power generation, with zero and renewable energy.
renewable energy. They also decided to set up an agenda of investment projects in the main Congolese economic sectors as contained in the GEPA...".
Hi Jiving,
C-B has 10% free carry on an equity stake, AIUI, though not clear whether at TopCo or further down.
In any event, its 'shareholding' might normally imply a pro-rata share in offtake. Maybe there's scope for a trade-off, where GLEN is able to use its debt leverage with C-B and C-B's notional 10% to assuage Manara....
Meanwhile, DAK if Nagle was in Riyadh ? If he stayed away, that might equally be a pointer to wanting to avoid being put on the spot.
Who knows?
Che sara, sara.
You don't think that the CEO of GLEN (whose marketing/royalty agreement is likely its primary interest in ZIOC) would be interested in cultivating /mentoring a 'junior' fellow trading house ?
Or that Manara aspires to get involved throughout the entire chain - 'from the farm to the table', as the moderator put it?
Or that part of Manara's 'tradeable' offtake (ie the bit not required as its own feedstock) might come from a Zanaga producing in excess of the consortium members' own requirements ?
If you don't think this is interesting/potentially relevant to ZIOC, what sort of thing WOULD you consider substantive ?
Serious question!
...Which (Gary Nagle whereabouts) may segue neatly into the Manara Minerals thread that MM is running that touches on all things 'offtake' and an eventual MM trading arm a la GLEN or Trafigura....
Hmmm.
Hi ShrewdDude67,
I suspect/hope that ZIOC has now moved beyond the need for 'PR for PI's' (unlike Vision Blue, an assumption?) and AT (Corporate Development and IR Manager) can now best 'serve the cause' by saying nice generic things about the hosts and current state-of-play in the industry that leaves everyone feeling good...and encouraged to do deals.
I'm with Mitch 984, in that I imagine Marty and Jonny are mainly in the frame now, with Gary Valerius (CFO) and Colin Harris (Lead Technical Expert) getting into the nittty-gritty.
Which begs the question : did Gary Nagle eventually put in an appearance at FMF, was he conveniently nearby in case anything needed a top-level 'nudge'? DAK ?
GLA
Agreed, Jiving !
Then there's this link, from MM :
"Manara's ...management are looking around, finding different assets to buy or to partner with different countries."
https://www.reuters.com/world/middle-east/saudi-arabia-ups-mineral-resource-estimates-25-trillion-minister-2024-01-09/
.."Al-Khorayef has also said previously that the kingdom plans to move beyond exploration and extraction to processing and manufacturing.
"Saudi Arabia could be a good place for processing of different minerals where we see minerals being mined in Africa being processed here."
Indeed it could, Bandar !
The choreography - if it be such- is looking pretty good, IMO.
GLA
From your link...
.."Al-Khorayef has also said previously that the kingdom plans to move beyond exploration and extraction to processing and manufacturing.
"Saudi Arabia could be a good place for processing of different minerals where we see minerals being mined in Africa being processed here."
Indeed it could, Bandar !
" Sometimes it pays to post the reverse of what you are actually up to!"
Well, at least you're open about being intellectually dishonest. Some people are unintentional timewasters, who deserve our sympathy, deliberate ones don't.
You've joined a fairly exclusive club - posters I've bestirred myself to filter.
Good-bye.
It seems to me that dusterinmong is playing a hard game of 'Yes, but'..., when not trying to sow FUD.
I see no evidence of good faith and genuine enquiry.
Filtered as offering no'added value' (which is quite an achievement).
GLA
The FT is owned by Nikkei Inc
..” "[The] Nikkei is basically a PR machine for Japanese biz; it initially ignored the 2011 Olympus accounting scandal (which FT broke). Nikkei has also hardly covered the Takata airbag defect; almost no investigative work on that issue whatsoever. Nikkei is Japan Inc….”
Https://uk.advfn.com/stock-market/london/zanaga-iron-ore-ZIOC/share-news/Zanaga-Iron-Ore-Company-Ltd-Funding-Update-Subscription-Facility/92804334
https://www.futuremineralsforum.com/
HTH
.."there are many ways AZ can raise funds without CLNs or a placing 😉.."
Morton's fork :
(a) This statement is correct. Then why hasn't he? As it is , he's defaulted on his obligations to RTOP and SYME. If he has the ability, that suggests he lacks the willingness.
(b) This statement is incorrect. Then he can't raise funds . He has the willingness, but lacks the ability. SYME (and RTOP) are in a pickle.
Neither scenario looks good, (b) is marginally better.
AFAICS