Member Info for extrader

Hi Catbert,

I think it's a photo of Johnny himself.

He is likely reposting because he was a speaker at the session sponsored by the law firm.

https://www.africainvestmentforum.com/en/agenda

.."RIDGING THE GAP: MOBILIZING PRIVATE CAPITAL TO UNLOCK AFRICA’S FULL POTENTIAL

This session will:•

Bring investors, leaders of Africa’s mining sector, and policymakers, to discuss how to unlock sustainable investment in Africa’s critical minerals sector•

Touch on the concerted efforts being made by AIF Founding Partners to support Africa’s Industrialisation Agenda, promoting job creation and stability across the region.

Speakers: • Guy-Robert Lukama, Chairman, Gecamines•

Nina Yose, Acting Divisional Executive – Metals, Mining, Infrastructure & Energy, The Industrial Development Corporation (IDC - South Africa)•

Antonin Calzarossa, Head of Unit, Corporates Division, EIB Global, European Investment Bank•

Jonny Velloza, CEO, Kobaloni Energy•

Begna Gebreyes, Director & Head, Heavy Industries, Telecommunications and TechnologyModerator:

Pascal Agboyibor, Partner, Asafo & Co."

Let's hope that he found time to talk his ZIOC book ....as well as that of his newco, the unfortunately sounding Cor- baloney Company.

ATB

It seems likely that Mindich's 11.6 million supplementary purchase that took his stake over the disclosable threshold may have (had) some impact on ZIOC's shareholder dynamics.

The buy-in RNS tells us that a total of 337,790,707 shares were subscribed by consortium members in Fundraise 1

Total shares in issue rose to 1,013,584,178, before GLEN's 290,843,718 were cancelled, after which total shares fell to net 722,740,460 (RNS 13 March 2025), ie the consortium holding at that stage was 337,790,707/722, 740,460 = 46.74%

After the Additional Subscription, a further 79,069,768 shares were issued (total in issue 830,879,996 per RNS 26 March 2025 ) - consortium shareholding now 416,860,475/830,879,996 = 50.17%.

Add Elphick / Guava holding 82,375,035 /830,879,996 = 9.91%, total 60.08%

After MK's warrant exercise of 1,500,000 shares, total in issue rose further to 832,379,996 (RNS 23 May 2025).

This brought the CONSORTIUM shareholding back to 416,860,475/832,379,996 = 50.008%

Add Elphick/Guava holding 82,375,035/832,379,996 = 9.89%, total 59.97%.

However, Mindich's extra 11.6million -assuming sourced from the market and not from fellow consortium member(s), would put the consortium's holding materially ahead : at (416,860,475+11,600,000 =) 428, 460,475/832,379,996 = 51.47%.

Guava's holding (ex Elphick) was reduced (RNS 5 Sept 2025) to 79,907,592, or 79,907,592/832,379,996 = 9.6%, combined total back to 61.07%.

I'm not sure of the status of Florent Leger's 3million warrants or any other exerciseable holdings there may be.

E and OE.

GLA

Although, on further consideration, the plot thickens somewhat:

.."Jun 2025 - Present · 7 mos"

Either Canton's not good with numbers or he began his 'due diligence' earlier.

Ho hum

Continued..

.."Trott's CV shows their overlap

https://www.linkedin.com/in/simon-trott/details/experience/

.."Managing Director (various)2012 to Jan 2018 · 6 yrs 1 mo

... Included operations in Australia, Namibia, United States, Canada, and a development project in Serbia (lithium and borates).

[NB Trott's not sentimental, he's just axed Serbia.]

If I were looking to integrate a business into my existing operation, I'd want to make the process as easy as possible, by (a) first seeing how good a fit it was ...and then (b) having a plan in place for tweaking it as and where necessary.

Incidentally, Canton's appointment began in June 2025 (which coincides with when news of ZIOC achieving DRI grade was RNS'd....and when Cutifani abruptly resigned his Chairmanship at VBM, ostensibly 'to pursue other interests')

Jes' sayin', like.

GLA

Hat tip to MM (or his Deep Throat).

https://www.linkedin.com/in/jscanton/details/experience/

"Zanaga Iron Ore Company Ltd · Contract

Jun 2025 - Present · 7 mos

Led the creation of the People, Culture & Communications function for the Zanaga Iron Ore Project, defining the corporate principles, leadership charter, and code of business conduct that will guide the company through its transition from development to future operations.

Working with the CEO, Board, and cross-functional leaders, I established the frameworks for organizational culture, governance, and people systems that will shape how the company grows and performs once in operation — integrating leadership, ESG, and accountability principles from the start."

All past tense, suggests his work is complete?

Background includes:

Rio Tinto

Full-time · 5 yrs 1 mo

Canada

Manager Talent, Leadership and Resourcing

2014 - 2016 · 2 yrs

The Iron Ore Company of Canada (IOC) operations include a mine and processing plant in Newfoundland and Labrador; a port and stockpile in Quebec; and a 418 kilometer railway that joins these 2 parts of the operation.

.."Steered diverse HR programs across multiple locations, collaborating directly with the CEO and executive committee. Played a pivotal role in IOC's business transformation, leading organizational redesign and implementing a new structure with modified executive roles.

Personally selected by the Global Iron Ore CEO to spearhead Rio Tinto's Inclusion and Diversity program for North America. Led HR for the business divestment project and drove the IOC transformation as part of the global HR transformation program..."

Before that

Principal Advisor, Health Safety Environment, External Relations and Communications

2013 - 2014 · 1 yr

"..As the VP HR’s right-hand and acting leader in her absence, I drove business improvement and organizational development initiatives, including the design and execution of a 5-year strategy.

As Principal Business Partner for the corporate office, I optimized teams, processes, and business metrics for Executive and Board meetings, workforce planning, and budget programs...."

And before that

Manager HR, Capital projects

2011 - 2013 · 2 yrs

Under the VP of Projects, I led all HR activities for staffing and supporting a multibillion-dollar expansion.

Designed the organizational structure and developed a people strategy ALIGNED WITH Rio Tinto's goals. "

Continued...

Continued...

NB Trott's not sentimental, he's just axed Serbia.

If I were looking to integrate a business into my existing operation, I'd want to make the process as easy as possible, by seeing how good a fit it was ...and then have a plan for tweaking it where necessary.

Jes' sayin', like.

GLA

Good find! It looks like he's a 'sherpa' for Trott.

This from Canton's linked-in:

https://www.linkedin.com/in/jscanton/details/experience/

"Executive Project Lead - People, Culture and Communications

Zanaga Iron Ore Company Ltd · Contract

Jun 2025 - Present · 7 mos

London Area, United Kingdom · RemoteLondon Area, United Kingdom · Remote

Led the creation of the People, Culture & Communications function for the Zanaga Iron Ore Project, defining the corporate principles, leadership charter, and code of business conduct that will guide the company through its transition from development to future operations.

Working with the CEO, Board, and cross-functional leaders, I established the frameworks for organizational culture, governance, and people systems that will shape how the company grows and performs once in operation — integrating leadership, ESG, and accountability principles from the start."

All past tense, so maybe his work is complete?

Background includes:

Rio Tinto

Full-time · 5 yrs 1 mo

Canada

Manager Talent, Leadership and Resourcing

2014 - 2016 · 2 yrs

On-site

The Iron Ore Company of Canada (IOC) operations include a mine and processing plant in Newfoundland and Labrador; a port and stockpile in Quebec; and a 418 kilometer railway that joins these 2 parts of the operation.

.."Steered diverse HR programs across multiple locations, collaborating directly with the CEO and executive committee. Played a pivotal role in IOC's business transformation, leading organizational redesign and implementing a new structure with modified executive roles.

Personally selected by the Global Iron Ore CEO to spearhead Rio Tinto's Inclusion and Diversity program for North America. Led HR for the business divestment project and drove the IOC transformation as part of the global HR transformation program..."

Before that

Principal Advisor, Health Safety Environment, External Relations and Communications

2013 - 2014 · 1 yr

On-site

"..As the VP HR’s right-hand and acting leader in her absence, I drove business improvement and organizational development initiatives, including the design and execution of a 5-year strategy.

As Principal Business Partner for the corporate office, I optimized teams, processes, and business metrics for Executive and Board meetings, workforce planning, and budget programs...."

And before that

Manager HR, Capital projects

2011 - 2013 · 2 yrs

Under the VP of Projects, I led all HR activities for staffing and supporting a multibillion-dollar expansion.

Designed the organizational structure and developed a people strategy ALIGNED WITH Rio Tinto's goals. "

Trott's CV shows their overlap

https://www.linkedin.com/in/simon-trott/details/experience/

.."Managing Director (various)2012 to Jan 2018 · 6 yrs 1 mo

... Included operations in Australia, Namibia, United States, Canada, and a development project in Serbia (lithium and borates).

NB Trott's not sentimental, he's

Hi Catbert,

Thanks for the 'flavour'.

RE CAPEX needed for a 'suitable' port upgrade possibly = $ 6Bn, here's some detail :

https://www.sixthtone.com/news/1017905?utm_source=semafor

"Simfer is building a 60mtpa port using a transfer ship system... WCS is building a 70mtpa port using a barge transshipment system' [not sure I understand the difference, tbh!]

"Simfer is planning to invest $8.6 Bn in southern mining-related infrastructure. This includes:

-TSV marine transshipment system and related port upgrades (under CTG) - $ 3.5 Billion;

- Southern mining zone's railway and TSV terminal (outside CTG) - $ 5.1 billion.

"..Infrastructure is the bulk of the project’s roughly $20 billion cost. More than $9 billion has gone into the railway and another $4 billion into two mineral berths. Ports, rail, barges, and offshore loading systems account for more than two-thirds of the budget — a scale unmatched in African mining.

Investment between the two zones has differed sharply: the Chinese-led northern development — headed by Winning Consortium Simandou (WCS) — has spent roughly half as much on mine construction as Rio Tinto, leading the SimFer partnership operating Blocks 3 and 4, has invested nearly $5 billion in the mine following years of feasibility studies, cost overruns and logistical hurdles..."

.."Within SimFer, Rio Tinto holds a controlling 53% stake, while the Chinese consortium known as CIOH — led by Chinalco (75%) and joined by Baowu, China Railway Construction Corp., and China Harbour Engineering Co. Ltd. — controls the remaining 47%. Chinalco, notably, plays a dual role: not only is it Rio Tinto’s largest single shareholder, with more than 14% of voting stock, but it also spearheaded China’s entry into Simandou’s southern blocks back in 2010, with a $1.35 billion investment..."

Article talks about the drive of Winning Consortium to make it work, the 'cookie-cutter' modular approach used by the Chinese (with resultant speed/economy gains) and the 'nation-building' follow-on challenges :

.."Under the Co-Development Convention, SimFer and WCS must build either a 500,000-ton steel plant or a 2-million-ton pellet plant by 2036. But industrialization faces major challenges: unreliable power grids, limited domestic demand, and persistent infrastructure gaps..."

Impact? "Simandou is the “third pole” of iron ore supply, after Australia and Brazil, “the Pilbara Killer.” Yet reality is more nuanced. Simandou’s costs are higher due to its long rail haul and 45-day voyage to China. Though the ore is shallow and high grade, the massive infrastructure lifts break-even costs above industry norms.

Rio Tinto estimates total costs — mining, rail, and port — at about $28 per ton. Shipping adds $20–$30 per ton, depending on weather and logistics. Even with Winning’s new VLOC fleet, Simandou’s delivered cost to China remains above Brazilian and Australian benchmarks."

HTH

Many thanks for this take, Catbert!

I'm a generalist, my background in 'frontier/ Third World' banking only takes me so far.

If you don't mind, could you share a bit of your own story?

I understand if you prefer not to

TIA

Cheers.

And this from https://www.mining.com/rio-tinto-targets-10b-assets-selloff-as-trott-resets-the-miner/

.."Pearce added that a first look at 2026 plans for the giant Simandou iron ore project in Guinea points to a slower than expected ramp-up, though the return to less than $10 billion in annual group capex in the mid-term and the target of $5 billion to $10 billion in divestment proceeds are positives.

BMO noted Simandou’s flagged sales of 5 to 10 million tonnes of iron ore in 2026, on a 100% basis, fall short of its 19 million tonne estimate, suggesting a slower initial ramp-up."

And this from https://www.mining.com/rio-tinto-targets-10b-assets-selloff-as-trott-resets-the-miner/

.."Pearce added that a first look at 2026 plans for the giant Simandou iron ore project in Guinea points to a slower than expected ramp-up, though the return to less than $10 billion in annual group capex in the mid-term and the target of $5 billion to $10 billion in divestment proceeds are positives.

BMO noted Simandou’s flagged sales of 5 to 10 million tonnes of iron ore in 2026, on a 100% basis, fall short of its 19 million tonne estimate, suggesting a slower initial ramp-up."

There's only this that I've seen so far :

https://www.reuters.com/world/china/rio-tinto-actively-working-with-chinas-chinalco-shareholding-constraints-202

.."In terms of the Chinalco shareholding, we're actively working with Chinalco on solutions to address that constraint and what that might look like," Trott told shareholders at the company's annual investor day, adding that it will take time and "there's nothing concrete at this stage."

There's only this that I've seen so far :

https://www.reuters.com/world/china/rio-tinto-actively-working-with-chinas-chinalco-shareholding-constraints-202

.."In terms of the Chinalco shareholding, we're actively working with Chinalco on solutions to address that constraint and what that might look like," Trott told shareholders at the company's annual investor day, adding that it will take time and "there's nothing concrete at this stage."

I forgot to include:

- the new website's 'significant' [= over 3%] shareholders' list includes Mindich/Everblue's recent increase to 4.35% , which absence I'd queried.

Good.

However, there's been no corresponding update to the RNS reporting the quantum of shareholders that are parties to lock-in agreements: ...Guava (9.60%), and 'a number of the Greymont Bay Consortium significant shareholders' (18.28%) and Regatta (6.98%) [together] representing approximately 34.86% of the Company's issued share capital.

So it would seem that either Mindich/Everblue aren't signatories to the lock-in....or there's been an oversight.

GLA

...I wonder whether Elphick will be schmoozing potential Strategics at Abu Dhabi's forthcoming Finance Week?

https://gulfbusiness.com/the-polo-classic-cup-where-heritage-leadership-and-connection-meet/

.."Debuting this December at the Emirates Palace Mandarin Oriental Abu Dhabi, the Polo Classic Cup serves as the ADFW Speakers’ Welcome — a curated gathering designed to unite C-suite executives, investors, family offices, policymakers, and international guests in a refined, high-touch environment...."

You read it here first.

GLA

My observations, from slides ex https://assets.main.pro2.maf.media-server.com/c7c14dee03444e51b20d426cc8038d2a/Rio_Tinto_CMD_2025.pdf

I was tied up at another AGM, so missed the presentation itself and Q and A's.

I'd welcome anyone who listened in or attended correcting anything misunderstood below or which was nuanced in the follow-up.

- p 12 - 'Simandou learnings applied' - inference : aiming for 'lower capital intensity' and 'faster projects';

- p 13 - willing to sell minority stakes to strategic partners and divest assets that don't meet return criteria;

- p 15 - plan is to deliver 3 major growth projects, whilst releasing $5 to $10 Bn from existing assets;

- p 27 - iron ore supply constraints : (a) scrap has underperformed and (b) mine delivery timelines have 3x in last 30 years;

- outlook remains buoyant : price forecasts ' have been consistently underestimated'), market is 'structurally tight';

- p 33 - new supply is needed, Australia is slow to approve (environmental issues);

- 650Mt uncommitted capacity required to address depletion and meet demand by 2035; More than half of depletion

occurs outside majors (BHP FMG, Rio and Vale);

- p 38 - sector has underinvested over last decade, even including Simandou;

- p 39 - with Simandou, Rio has more mid term capacity for high-grade fines than peer 2 (71mt vs 31mt) and is roughly level in mid-grade lump and fines (318 mt and 305mt) with peer 1.

The 2 peers are named as BHP and Vale, it's not clear to me which is which.

Suggestions welcome!

- Rio thinks of itself as having 45% of its current HALF of Simandou, rather than the 100% of the whole that it once had.

- p 40 - Rio's 'average grade' FOR PILBARA is described as about 60.5% today ('peers' = 60.75%), it hopes to get to 61.5% by 2032 by means of strategic product mix and logistical synergies;

- p 42 - re Simandou, says only "Project on schedule and on budget; 2026 : 5 to 10mtpa sales; Capital efficiency learnings from industrial partners; STRONG RELATIONSHIP WITH Government of Guinea."

It may be wishful thinking on my part, but I don't see much there to conflict with the suggestion that losing Simandou might be 'no great loss'.....especially given the capex and RoI implications of a 'requested' pelletisation plant and - hat tip Catbert- a mooted collective $ 6Bn spend on eventual port upgrade.

Feedback welcome, as ever.

GLA

My observations, from slides ex https://assets.main.pro2.maf.media-server.com/c7c14dee03444e51b20d426cc8038d2a/Rio_Tinto_CMD_2025.pdf

I was tied up at another AGM, so missed the presentation itself and Q and A's.

I'd welcome anyone who listened in or attended correcting anything misunderstood below or which was nuanced in the follow-up.

- p 12 - 'Simandou learnings applied' - inference : aiming for 'lower capital intensity' and 'faster projects';

- p 13 - willing to sell minority stakes to strategic partners and divest assets that don't meet return criteria;

- p 15 - plan is to deliver 3 major growth projects, whilst releasing $5 to $10 Bn from existing assets;

- p 27 - iron ore supply constraints : (a) scrap has underperformed and (b) mine delivery timelines have 3x in last 30 years;

- outlook remains buoyant : price forecasts ' have been consistently underestimated'), market is 'structurally tight';

- p 33 - new supply is needed, Australia is slow to approve (environmental issues);

- 650Mt uncommitted capacity required to address depletion and meet demand by 2035; More than half of depletion

occurs outside majors (BHP FMG, Rio and Vale);

- p 38 - sector has underinvested over last decade, even including Simandou;

- p 39 - With Simandou, Rio has more mid term capacity for high-grade fines than peer 2 (71mt vs 31mt) and is roughly level in mid-grade lump and fines (318 mt and 305mt) with peer 1.

The 2 peers are named as BHP and Vale, it's not clear to me which is which.

Suggestions welcome!

- Rio thinks of itself as having 45% of its current HALF of Simandou, rather than the 100% of the whole that it once had.

- p 40 - Rio's 'average grade' FOR PILBARA is described as about 60.5% today ('peers' = 60.75%), it hopes to get to 61.5% by 2032 by means of strategic product mix and logistical synergies;

- p 42 - re Simandou, says only "Project on schedule and on budget; 2026 : 5 to 10mtpa sales; Capital efficiency learnings from industrial partners; STRONG RELATIONSHIP WITH Government of Guinea."

It may be wishful thinking on my part, but I don't see much there to conflict with the suggestion that losing Simandou might be 'no great loss'.....especially given the capex and RoI implications of a 'requested' pelletisation plant and - hat tip Catbert- a mooted collective $ 6Bn spend on eventual port upgrade.

Feedback welcome, as ever.

GLA

My summary observations re the new website, otherwise unraised so far:

- ZIOC management have repeated the end H2 2025 timeline for completion of the 3 x 'undelivered' value enhancement initiatives...on 3 Dec 2025. This seems an unnecessary hostage to fortune (smacking on borderline incompetence/deception) if they don't deliver by year-end or v close thereafter;

- we're also told that these 3 initiatives are fully funded;

- 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.

- they've 'bigged down' the industry expertise/background of the 'new investors', merely listing names, without bios. They're obviously known to anyone in the industry.

Q1: Is the apparent 'downplaying' at the new investors' request? Or to avoid the risk of seeming over-reliant on their implied endorsement of management's presentation?

Q2: is this website -by inference - not a 'selling document' intended for naive 'copy the big boys' Pi's?

I don't know, it just seems odd.

- Zanaga's high-grade DRI grade comparatives (p 16) are bench-marked against 2 standards :

(1) is 'DRI Quality;

(2) is -specifically?- 'Rio Tinto New Iron Ore Specifications' - IODEX - Source: Company information and SP Global

From Q3’25 for Pilbara Blend Fines (PBF) + Pilbara Blend Lump (PBL).

BHP and VALE feature on the same page, for other comparatives.....

- re pelletisation, under https://www.zanagairon.com/the-zanaga-project/project-development-strategy/, I note:

.."The Pointe Indienne Special Economic Zone (SEZ), under development by Arise (the Zanaga Project’s port development partner), is ideally suited for such industrial activity, adequately supported by excess power capacity from the neighbouring Centrale Électrique du Congo (CEC) power plant, with whom the company has executed a Memorandum of Understanding (MoU) to develop power solutions.

Further, the company has received interest from various groups in the Kingdom of Saudi Arabia and the United Arab Emirates (UAE) and is exploring these opportunities.."

Feedback welcome, as ever.

GLA

-

Meanwhile, Afreximbank raises another $500m in funding firepower....from the Japanese...

https://www.afreximbank.com/afreximbank-successfully-closed-its-second-samurai-bond-transactions-raising-jpy-81-8-billion-approx-usd-527-million/

And meanwhile Afreximbank raises another $500m in funding firepower....from the Japanese...

https://www.afreximbank.com/afreximbank-successfully-closed-its-second-samurai-bond-transactions-raising-jpy-81-8-billion-approx-usd-527-million/