Member Info for extrader

SRT's PR team deserves congratulation : they managed to coincide that coverage with today's news, in most of the media:

Financial Times

https://www.ft.com › content

UK cannot ignore deep-sea threat from Russia, head of Navy warns

7 hours ago · Russia’s elite deep-sea sabotage unit is poised to deploy submersibles capable of “physical action” to damage the UK’s critical seabed cables and pipelines, the head of the Royal …

Daily Mail

https://www.dailymail.co.uk › news › Russian-sabotage...

Russian sabotage submarines capable of destroying seabed …

2 hours ago · The stark warning came as the First Sea Lord revealed that Russia's Main Directorate of Deep-Sea Research, known as GUGI, is back in action after a period of problems …

Sky News

https://news.sky.com › story › why-uks-undersea-cabl…

Why UK's undersea cables are vulnerable - Sky News

Nov 19, 2025 · Russia has a "pretty good map" of Britain's crucial network of undersea cables, experts have warned - potentially presenting Vladimir …

Express

https://www.express.co.uk › news › world

WW3 fears explode as UK Navy head warns of new Russia 'deep …

2 hours ago · WW3 fears explode as UK Navy head warns of new Russia 'deep sea threat' Experts fear that attacks on undersea assets represent a new and dangerous front in "hybrid warfare."

GLA

And- maybe more significantly, perhaps - another 'condition precedent' box ticked.

ZIOC still have 10 calendar days, max 6 'business' days to release the 3 x value enhancement results that were promised for end H2 2025 as recently as 1st December 2025 (see p29 of latest Investor Presentation on website).

Let's see if they can still manage to 'surprise and delight' us jaded PI's!

GLA

Meanwhile, in 'other news'...

Denis Christel Sassou Nguesso

@ChristelSassou

Dec 20 (an unusual weekend post)

On December 19, 2025, I took part in a plenary session of the Senate dedicated, among other things, to the examination of the bill authorizing the ratification of the early harvest agreement of the economic partnership agreement between the Republic of the Congo and the People's Republic of China, within the framework of the CADEPA mechanism.

.. this agreement aims to facilitate access for Congolese products to the Chinese market through the application of a preferential customs tariff set at 0%. ....the concrete opportunities it offers to stimulate national production, encourage local processing, and sustainably strengthen the competitiveness of our exports, in a logic of economic diversification.

At the end of the discussions and after the presentation of the report by the competent commission, the Senate authorized the ratification of this agreement..."

Another box - and perhaps 'condition precedent?- ticked.

GLA

Denis Christel Sassou Nguesso

@ChristelSassou

Dec 20

On December 19, 2025, I took part in a plenary session of the Senate dedicated, among other things, to the examination of the bill authorizing the ratification of the early harvest agreement of the economic partnership agreement between the Republic of the Congo and the People's Republic of China, within the framework of the CADEPA mechanism.

.. this agreement aims to facilitate access for Congolese products to the Chinese market through the application of a preferential customs tariff set at 0%. ....the concrete opportunities it offers to stimulate national production, encourage local processing, and sustainably strengthen the competitiveness of our exports, in a logic of economic diversification.

At the end of the discussions and after the presentation of the report by the competent commission, the Senate authorized the ratification of this agreement..."

Another box ticked.

GLA

...while the South China Morning Post draws a telling 'compare-and-contrast'

https://www.scmp.com/news/china/science/article/3336866/china-speeds-armour-steel-production-30-us-conshohocken-plant-folds

.."Chinese military supplier solves tech snag to boost manufacturing levels, while American counterpart ceases operations due to financial loss..."

In either case, DRI grade ore as feedstock appears to benefit the end product, see

https://metallics.org/wp-content/uploads/2024/08/IIMA_OBM_Factsheet_11_DRI_EAF_Steelmaking.pdf

Https://global.chinadaily.com.cn/a/202512/20/WS6945de6aa310d6866eb2f97a.html

Rio Tinto optimistic about biz outlook

By ZHENG XIN | China Daily | Updated: 2025-12-20 07:23

Global mining giant Rio Tinto is highly optimistic about new business prospects in China, anticipating fresh opportunities arising from Beijing's commitment to high-standard opening-up in key sectors in the coming year.

Commenting on China's crucial Central Economic Work Conference, Frank Xu, CEO of Rio Tinto China, emphasized that the country's sustained growth and sweeping policy shifts are creating fertile ground for international businesses.

"China remains the world's largest consumer and producer of metals, and its pursuit of high-quality development supports long-term demand for our products," said Xu.

"The shift toward higher value-added manufacturing, together with the ongoing modernization of infrastructure, WILL CONTINUE TO UNDERPIN DEMAND FOR METALS, " he said.

China's continued focus on sustainable development and its commitment to address climate change will further increase the need for copper, lithium, aluminum and HIGH QUALITY IRON ORE, all essential for renewable energy systems and particularly for growth in the electric vehicle sector, Xu added.

...The consistent optimism expressed by multinational corporations regarding the transformation and upgrading of China's manufacturing sector suggests a fundamental shift in the nature of foreign engagement with the Chinese economy, said Zhao Xiangbin, chief strategist at Beijing Gold and Forex Fortune Investment Management.

This is no longer primarily about leveraging low-cost labor for export manufacturing, but more about co-evolving with CHINA'S PUSH FOR 'HIGH QUALITY DEVELOPMENT' and technological self-reliance, he said.

Rio Tinto is actively tapping into China's world-class engineering capabilities. The company has signed a Memorandums of Understanding with major Chinese engineering firms TO INTEGRATE MORE DESIGN EXPERTISE FROM CHINA INTO ITS GLOBAL PROJECTS, demonstrating that China is now a source of capabilities and innovation for international operations.

Furthermore, China's leadership in decarbonization technology is becoming a valuable export..."

Rio have already publicly acknowledged the benefits of working with China on its 'cookie-cutter' modular approach to bridge-building at Simandou, this seems to reinforce its interest in further, future co-operation.

GLA

And the (anticipated?) outcome is considered sufficiently important to merit its own tweet:

Zanaga Iron Ore Company

@Zanaga_Iron_Ore

Zanaga Iron is pleased to confirm that all resolutions were passed at its Annual General Meeting today ➡️ https://londonstockexchange.com/news-article/ZIOC/results-of-agm/17382995.."

And pushes out the roller...

19 December 2025

12:16

Zanaga Iron Ore Company Limited

("ZIOC" or the "Company")

Results of AGM

Zanaga Iron Ore Company Limited (AIM: ZIOC), which is progressing with the development of the Zanaga Iron Ore Project, is pleased to announce that, at the Annual General Meeting ("AGM") of the Company held on Friday 19 December 2025, all resolutions were duly passed on a poll..."

'On a poll vote' as opposed to show of hands - suggest (to me, I am not a lawyer( - that there were a lot of proxies.

I wonder how long the AGM lasted?

Any feedback from attendees?

TIA

Fair enough.

OTOH, ZIOC are takers not makers here....and there's a drop dead to the lock-in - 26 Feb 2026 - that they seemingly didn't want us to know about.

Their failure to deliver so far on the 3 x value enhancement 'end H2 2025' deadlines - most recent 2 weeks ago - suggests again that they're beholden to others.....

I appreciate that I may be seeing the glass as half full.

GLA

Zanaga Iron Ore Company

@Zanaga_Iron_Ore

2h

.."The Zanaga Project is set to become one of the most competitive high-margin iron ore assets globally, with operating costs comfortably in the lowest quartile across all stages of development. The project's high-grade iron ore is also expected to attract a premium due to its suitability as feedstock for green steel..."

Tone suggests quiet confidence, IMO...

Cue : Confirmation bias alert!

GLA

Https://www.ft.com/content/4f344f2d-11a1-4acd-bfce-98028a43aa3f

.."The American company seeking to counter China in Africa

Ivanhoe Atlantic’s ‘Liberty Corridor’ would supply iron ore to US and allies but faces opposition in west Africa — and Washington.."

About 160km from Simandou, a Guinean iron ore mine whose $23bn price tag makes it the world’s biggest mining project, lies another reserve of even higher quality: Kon Kweni, a deposit owned by US company Ivanhoe Atlantic in the forested Nimba mountains of south-east Guinea.

Ivanhoe Atlantic, founded by American-Canadian mining billionaire Robert Friedland, has positioned its mine and rail project as a Donald Trump-endorsed alternative to China-led Simandou, pledging to deliver high-grade iron ore into western supply chains.

Bronwyn Barnes, president and chief executive of Ivanhoe Atlantic, said the $1.8bn project — which Ivanhoe has branded the “Liberty Corridor” — would “help counter China’s tightening grip over critical minerals”.

Ivanhoe intends to transport the ore — at 66.5 per cent purity, among the world’s finest — through neighbouring Liberia to avoid using the recently built 600km Chinese railway connecting Simandou to mainly Chinese mills via a Guinean port.

“Every tonne we produce is reserved exclusively for US and allied supply chains,” Barnes said. “None will go to China.”

Ivanhoe’s attempt to wrap itself in the American flag shows the extent to which commercial deals in Africa have become embroiled in US-China rivalry. But it is a tricky thing to pull off when global capital is increasingly hard to disentangle and when African governments, wise to superpower sparring, are seeking to play off competing suitors to strike better deals.

In recent days, Ivanhoe’s claims to be an America First project have run into problems both on the ground in west Africa and back at home in the US.

In Guinea, some officials have balked at an agreement, made by a previous government, to allow Ivanhoe to export its ore through Liberia.

In Washington, a roughly 30 per cent Chinese stake in another Friedland-founded company, Canada’s Ivanhoe Mines, has made Ivanhoe Atlantic the object of political suspicion....."

Two standouts for me : (1) ZIOC's ore quality is comfortably higher; (2) its route-to-market (slurry pipeline) is straighter than Ivanhoe's ...and doesn't require it (as in Ivanhoe's case) to strong-arm Arcelor Mittal, the railway operator/ 'owner'.

Our NED Phil Mitchell (Greymont's rep on the Board) has a foot in both (or, all three) camps : He serves as chairman of I-Pulse’s I-ROX business, chairman of Société des Mines de Fer de Guinée (SMFG) and Chairman of the Board at Aura Energy Ltd.

GLA

Continued...

(5) A lot hinges on the confirmation of Zanaga’s DRI grade ore quality. The main work was undertaken in China, and a separate independent confirmatory test work programme was completed in the United Kingdom.

(i) Was this with Binding Solutions Limited (BSL) , which undertook earlier test work re cold pelletisation for ZIOC back in 2018?

(ii) BSL has just (Nov 2025) announced successful production of Cold Agglomerated Pellets (“CAPs”) from 100% Pilbara iron ore, with attendant cost savings and emissions reduction. What impact – if any – might this have on the economics of ZIOC’s (higher) DRI grade feedstock?

(6) One potential investor ‘engaged in ZIOC’s strategic partner process’ has requested lock-in agreements between ZIOC and certain shareholders, which is an encouraging development. This presumably works to the benefit of any other prospective investors also.

(i) Is this assumption correct? and

(ii) Are there any? How does ZIOC differentiate between 'potential investor' and 'strategic partner'?

Good luck to any/all attendees and I’m surely not alone in looking forward to your feedback (any) on how the meeting goes.

GLA and ATB

Hi Catbert,

I can’t attend the AGM on 19th, I arranged a trip to include the earlier advertised date of the 10th.

Holding it on the last Friday before Xmas should ensure a low turn-out. Which may be the ‘cunning plan’ ;-<

I think the generally offhand attitude towards PI’s is to be expected, given that we’ve probably long outlived our purpose. I’d naively hoped for better from AT, but he clearly has his priorities….and it’s equally clear that we’re not one of them.

If anyone does go, I’d be interested in 3 things that might give a ‘flavour’:

- A look through the attendance/sign-in register (if possible) occasionally shows some interesting attendees;

- What’s the relative mix of ‘suits’ to ‘casuals’ – a preponderance of the former would suggest that there may be corporate activity stirring.

- Who -if anyone – attends to represent our 50%+ new consortium investors?

- The body language – and who answers what questions – is sometimes informative!

If a number of you go, I’d be grateful if you could raise in your own words the following issues (if not otherwise addressed):

(1) Status of Value enhancement initiatives?

We were told in the 18March 2025 Investor Presentation, repeated in the 1st October 2025 Interim results and again in the 1st December 2025 Corporate presentation (2 weeks ago), that we should expect the results of (i) the single pipeline study; (ii) the pellet plant feasibility study and (iii) the dry tailings study before the end of the year.

Pls comment.

(2) The cash balance was US$2.9 million as at 25 September 2025. (i) What is it now? (ii) what is the current run-rate? and (iii) when do you next expect to have to raise funds? (iv) related Q: What, if any, is the current headroom under the Shard facility?

(3) The 1 December presentation envisages FEED completion in ‘2027’, (i) when do you expect it to start? (ii) how long do you now expect it to take? (iii) what will it cost? And (iv) how will ZIOC pay for it?

(4) The new consortium of investors speaks for over 50% of the shares of the company. Mr Gagan Gupta’s interest is approx. 10 % and Mr Mindich’s Everblue has recently emerged as having a 4.35% holding.

Shareholders have no idea who is behind Greymont Bay (18.28%) or Regatta HCRP (6.98%). Much play has been made of the involvement of leading industry lights, but their description has been carefully described as ‘investors and advisors’, leaving unclear who the actual shareholders of Greymont or Regatta are.

What steps has ZIOC management taken to persuade Greymont and Regatta to file the customary TR-1’s (which they have failed to do) ; and (ii) what does the Nomad Panmure Liberum think of this irregular situation?

Continued...

For balance (but consider the source), a report on how -after tough negotiations - once a deal was struck, Guinea appears to have stuck to its terms:

https://www.scmp.com/news/china/diplomacy/article/3332313/rejected-china-locomotives-cast-shadow-milestone-guineas-simandou-mine

.."Guinean authorities are understood to have turned away a shipment of 18 Chinese-built locomotives in September, destined for the Winning Consortium Simandou (WCS), at the port of Conakry.

A government source said the shipment violated the co-development agreement – a pact signed by Guinea and the project’s international consortiums – that stipulated that locomotives must come from the United States....

The measure was not about targeting Chinese locomotives. “If they had brought in a locomotive made by any other country, we would have made the same decision to cancel the contract,” the source said....

The Rio Tinto Simfer consortium, developer of blocks 3 and 4 of the concession, received its first US-built locomotives – also from Wabtec – in October. Other components must be sourced from specified countries such as China, France and Germany under the pact.

The reported confrontation at the docks underscores Guinea’s resolve to enforce the terms of the deal, even at the risk of delaying the world’s most ambitious mining infrastructure effort.

It also highlights how the West African nation has strategically managed geopolitical tensions by designing Simandou as a co-development project involving companies from multiple major world powers.

Wabtec locomotives were a proven, familiar technology used by global miners in Australia and in Guinea’s own bauxite mines. The total order for the project, worth US$500 million, was being manufactured by the company in India.

Meanwhile, French multinational rail transport systems manufacturer Alstom is providing the railway signalling system, while the crusher bought for the Rio Tinto concession is German.

Egis, another global firm from France, was appointed technical adviser for the construction of the entire Simandou infrastructure, which includes the 650km (400-mile) TransGuinean Railway line and the port facilities at Morebaya.

Sylla added that the project’s diversity made it more sustainable and stronger because “we are bringing together the best components from everywhere and merging them into one project”.

“We strove to have the best product because this infrastructure will revert to the state portfolio after 35 years. For that reason, we need robust facilities and high-quality products. We do not want to inherit something that requires excessive maintenance after 35 years.”

Caveat emptor.

GLA

(1) Sebastian Maril reposted

Natalia Gurushina

@NGurushina

An early Christmas present from Buenos Aires - more FX flexibility (from the position of strength!) and the pre-announced reserve accumulation program. Argentina’s sovereign bonds are jumping with joy..."; and

(2) 🛑 This week, a government representative will appear before counsel for the YPF judgment creditors and answer questions regarding the location and use of the country’s gold reserves. The government is unlikely to disclose extensive information on the reserves, and the issue is expected to feature prominently at the next hearing before Judge Preska in late January..."

GLA

(1) Little Den tweets :

"Ministère de la Coopération Internationale - Congo

@CooperationCG

Dec 13

Minister Denis Christel Sassou Nguesso was questioned on December 13 by the Senate's Economy and Finance Committee as part of the ratification process for the agreement on 'early harvests' under the CADEPA mechanism...."

(2) China presses the GCC to join the party (invite goes back 20 years):

https://www.fmprc.gov.cn/mfa_eng/wjbzhd/202512/t20251215_11772926.html?utm_source=semafor

.."Wang Yi noted that negotiations on the China-GCC Free Trade Agreement have been ongoing for more than 20 years and that conditions are now basically in place, making it time to take the final decisive step. At a time when protectionism is on the rise, unilateralism is prevalent, and free trade is under strain, the conclusion of the China-GCC Free Trade Agreement would send a strong signal to the world in defense of multilateralism. "

As would co-investing in businesses of mutual interest, of course.

GLA

For what we've been told so far , from 4 Dec

.."- OTOH, FEED completion ('18 months'?) is now targeted for 2027, which suggests (a) either it hasn't started or has only just got underway (?); and (2) ZIOC likely doesn't have actual funding - or a mechanism it's willing to use? - in place yet..'

ATB, ATG

Are you back in/ reconsdering?

Https://www.forbesmiddleeast.com/industry/business/indian-billionaire-savitri-jindals-jsw-steel-sets-up-%2434-billion-jv-with-japans-jfe

-Jindal Group has its Omani 'green ore' interests alongside its Indian facilities.

-JFE Steel is the second largest Japanese steel manufacturer (after Nippon Steel). Overseas, it owns 49% of California Steel Industries, US, the majority partner being Nucor, the US's largest recycler.

One for the (non-circular) file.

GLA

It is in a limited partnership with AK Steel, formerly called Armco. In Korea, it owns 15% of Dongkuk Steel. In China, it has a joint hot rolling and electrogalvanization mill with Guangzhou Iron & Steel Enterprise Group

Https://finance.yahoo.com/news/first-china-ore-shipment-rewards

Good article (IMO), giving a flavour of the occasional strong-arm tactics used by the Guinea coup-leader and the Chinese to get their way, arguably at the expense of Rio. Sample:

.."The adviser noted that the vast financial resources and "military-like" operational discipline of Chinese investors enabled the state to pressure Western licence holders, especially Rio Tinto.

"Chinese with the money are ready to show if you are not ready."

The adviser stressed that project success depended on this Chinese involvement and that "Baowu wielded a lot of power" in the negotiations.

The agreement for co-development was achieved only after intense and tough negotiations that secured the government a 15 per cent stake in each mine and a similar holding in the CTG infrastructure venture...."

The article also highlights the 'blunt instrument approach' used:

.."Jean-Baptiste Goulby is the Simandou technical manager at Egis-Setec, a consortium of engineering firms appointed by the Guinean government as advisers for the rail and port infrastructures of the Simandou project.

He said the project's success hinged on a massive mobilisation effort rather than cutting-edge technology, and described the speed and magnitude of the construction as essentially "unmatched elsewhere".

"It's primarily a logistical challenge by being able to source a lot of materials, cement, steel and machinery very quickly, and to ship them to Guinea in time. That's not technical," Goulby said from Guinea, adding that the construction leveraged Chinese know-how.

Unlike Western contractors, which often prioritise new technology, the firms in Guinea focused on reliable construction by increasing machinery and manpower - with up to 50,000 workers employed at the peak of construction - to finish on schedule...."

Note, too, the basic weather challenges:

."But the elements were beyond their control. Guinea is known for its long and heavy rainy season characterised by downpours that can last for days on end. Work on concrete had to be put on hold during the rains, which also created watercourses that degraded the ground and hampered the movement of equipment.

Additionally, the poor condition of roads severely hampered equipment transport. A single round trip from the capital Conakry to Simandou - a distance of 900km - took up to 20 days, often requiring teams to rebuild bridges.

To meet deadlines, the construction teams worked more during the dry season to secure stockpiles, allowing them to effectively withstand or take a planned break during the extended wet periods..."

No doubt Rio is fully sensitised to such issues and has take any 'lessons learned' to heart.

GLA

.."Obviously, the occasion makes a difference - good food, good company, good service etc..."

Couldn't agree more....and a post ZIOC outcome meet-up would be just the occasion.

Is the Abergele offer still open?

Should someone be making notes for the selection of wines to be quaffed?

Will posters be as ornery in the flesh as they sometimes are over the airwaves...or have we all been under-appreciating our 'comrades-in-arms'?

On a more prosaic note, I'll post in a few days a couple of Q's for the Board that Some Kind Person might like to raise at the AGM.

TIA

GLA