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"But if we hope for what we do not yet have, we wait for it patiently."

Romans 8:25

Zanaga Iron Ore

@Zanaga_Iron_Ore

3h

Updated economic modelling, released by #ZIOC in August, demonstrated an uplift in the Zanaga Iron Ore Project's potential. Post‑tax NPV is now ~$5.2 billion with an IRR of ~26.7%. This improvement is driven by the confirmation that the project is capable of producing a high-grade DRI pellet‑feed product, poised for use in the decarbonisation of the steel industry."

I wonder if 'post tax' takes account of any of the newer (lower) tax rates that MFN status with China supposedly confers?

GLA

Zanaga Iron Ore

@Zanaga_Iron_Ore

3h

Updated economic modelling, released by #ZIOC in August, demonstrated an uplift in the Zanaga Iron Ore Project's potential. Post‑tax NPV is now ~$5.2 billion with an IRR of ~26.7%. This improvement is driven by the confirmation that the project is capable of producing a high-grade DRI pellet‑feed product, poised for use in the decarbonisation of the steel industry."

I wonder if 'post tax' takes account of any of the newer (lower) tax rates that MFN status with China supposedly confers?

GLA

PS Other unquoted bits from your link also - more pertinently - suggest that GLEN (as counterpart/ accessory to Radiant) was/is still facilitating the iron ore price manipulation that Glasenberg had earlier been accused of.....surely making it still 'toxic' to the Chinese as far as any interest in ZIOC was concerned.

Cheers.

Hi MM,

Thanks for clarifying ...and for sharing a new research tool.

It's interesting that the investigative journalist didn't include the 'meat' of the article on his own feed, leaving that for his employer to publish.

GLA

Little Den's latest tweet:

.."Denis Christel Sassou Nguesso

@ChristelSassou

2h

On October 16, 2025, I signed, on behalf of the Government of the Republic of #Congo, an agreement with the #Russian Federation on the reciprocal promotion and protection of investments. The signing ceremony took place via videoconference, with each party proceeding to the signing from its respective territory. My counterpart, Mr. Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, represented the Russian side.

This agreement is in line with the continuity of the strategic partnership between our two countries. It aims to strengthen the confidence of Congolese and Russian investors by creating a clear, stable, and protective legal framework for economic exchanges and mutual investments.

This text also reflects our shared commitment to building a sustainable and equitable economic cooperation, based on reciprocity and respect for commitments..."

Most likely to do with the much-talked of oil pipeline....

GLA

Little Den's latest tweet:

.."Denis Christel Sassou Nguesso

@ChristelSassou

2h

On October 16, 2025, I signed, on behalf of the Government of the Republic of #Congo, an agreement with the #Russian Federation on the reciprocal promotion and protection of investments. The signing ceremony took place via videoconference, with each party proceeding to the signing from its respective territory. My counterpart, Mr. Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, represented the Russian side.

This agreement is in line with the continuity of the strategic partnership between our two countries. It aims to strengthen the confidence of Congolese and Russian investors by creating a clear, stable, and protective legal framework for economic exchanges and mutual investments.

This text also reflects our shared commitment to building a sustainable and equitable economic cooperation, based on reciprocity and respect for commitments..."

Most likely to do with the much-talked of oil pipeline....

GLA

This appears to be the bones of the article

https://www.linkedin.com/posts/jack-farchy-5a3a6723_ironore-commoditytrading-radiantworld-activity-

.."t ships enough iron ore every day to build the Empire State Building twice over. It’s grown almost tenfold in the past decade to become one of the largest traders of the world’s most-traded commodity after oil. It’s made bets so bold and bullish that they’ve even drawn the attention of the Chinese state.

And yet, even within the commodities industry, few people have heard of Radiant World.

Among those who have, the trading house, which started life in India but now operates from offices in Singapore, London and Dubai, divides opinion: is its success simply the result of bringing whip-smart trading to the clunky world of iron ore; or is it founded on a series of high-risk bets that could leave it exposed to huge losses if markets turn the wrong way?

The answer matters for more than just Radiant World and its 45-year-old owner Pinkesh Nahar. The trading house’s scale means that any change in its fortunes could be felt throughout the iron ore market — a commodity whose role as the key ingredient of steel makes it crucial to the global economy and the key driver of profits for the world’s largest mining companies.

London-listed commodities giant Glencore Plc, which has been a major backer of Radiant World, has a dedicated team monitoring its exposure to the company, according to people familiar with the matter, who asked not to be named discussing internal business. Two of the world’s biggest commodity trade financiers, Cooperatieve Rabobank UA and ING Groep NV, stopped financing Radiant World several years ago amid concerns about certain documents involved in some of its trades, according to five people familiar with the matter and an internal Rabobank report on the matter seen by Bloomberg News.

In response to questions from Bloomberg News, Radiant World declined to discuss specifics of its business and performance and said it wasn’t aware of the internal Rabobank report.

It said in a statement: “Our business operates within robust governance and compliance frameworks that are continuously evolving to reflect the latest regulatory standards and industry best practices. We also build and maintain strong, longstanding relationships with leading financial institutions worldwide. We are committed to delivering sustainable long-term value wherever we operate.”

Its own website https://radiant-world.com/commodity-trading/about-us/#our-story

is pretty self-effacing : .."We pride ourselves on “moving” annually more than 20 million tons of Iron Ore..."

20mtpa shouldn't move the dial much, on the face of it.

Ho hum

More coverage from Semafor Africa:

.."US policymakers must support the private sector’s push to strengthen African critical mineral supply chains by enabling American government bodies to take more equity stakes in African mining projects, said an influential Washington business lobby group.

The call, in a new report by the US Chamber of Commerce, came a week after the Senate confirmed Benjamin Black as the new chief executive of the International Development Finance Corporation, a US agency that has a budget of about $60 billion to spend in regions including Africa. Black, the son of hedge fund billionaire Leon, is himself a seasoned finance investor and has said he wants to engage more closely with Wall Street to boost DFC’s influence as it competes with Chinese players.

Ellington Arnold, who co-authored the report, said a key opportunity for US investors lay in supporting African governments’ ambitions to move up the value chain by processing more of the minerals mined in their countries. “It’s a productive way for us to rebalance US supply chains as well as support jobs and economic growth in these countries,” said Kendra Gaither, president of the Chamber’s US-Africa Business Center.

Arnold explained that creating more flexibility for the DFC and US Export-Import Bank could help derisk investment for private capital investors who were unfamiliar with African markets...."

Thanks for articulating better than I could my thoughts!

I imagine the journalist picked up on this issue but felt (or was told) it was a topic for a future article.

A 'teaser', maybe.

Cheers!

Thanks for this.

The concluding para curiously seems to suggest that the issue of possible expansion of its iron ore business is somewhat 'moot' :

.."The strong performance follows the introduction of a new business model that saw the company simplify operations to FOCUS on aluminium and lithium, IRON ORE and copper — with borates and IRON and titanium UNDER STRATEGIC REVIEW..."[which is usually a euphemism for de-emphasizing or 'the chop'].

On the face of it ' Yes, but maybe no' ?

AIUI

GLA

.."Argentina: US Treasury Secretary Scott Bessent confirmed the USD 20bn currency swap arrangement with Argentina has been finalised, adding that the US Treasury bought pesos last week as part of the deal.

Bessent argued that the peso is undervalued, insisting the US will not incur losses and rejecting accusations of a bailout.

Bessent stressed that the Exchange Stabilisation Fund “has never lost money,” describing Argentina’s policies as “sound when anchored on fiscal discipline.”

He also said Washington is determined to prevent Latin America from falling under Chinese influence, highlighting Argentina’s importance as a potential model for US-backed reform and its strategic reserves of uranium and rare earths.

The International Monetary Fund (IMF) separately confirmed that a new aid package is being developed between itself, the US Treasury, World Bank, and Inter-American Development Bank.

One option under discussion is for the US to lend part of its Special Drawing Rights to Argentina, providing liquidity to meet external obligations over the next two years...."

GLA

Moore's call is probably in response to this

Https://www.usgs.gov/news/science-snippet/department-interior-releases-draft-2025-list-critical-minerals

..."POTASH, silicon, copper, SILVER, rhenium and LEAD were recommended for inclusion to the list and arsenic and tellurium were recommended for removal....

.."On August 26, 2025, the draft List of Critical Minerals will be posted in the Federal Register for public comment for the next 30 days. Public comment is specifically welcomed on inclusion of METALLURGICAL COAL and uranium..... whether OTHER MINERALS should be added...." (10 Sept).

From your article ..

"Allies Are Acting; America Must, Too

Other nations have already recognized this danger.

Canada has added high-grade iron ore to its critical minerals list, while the European Union is investing heavily to secure premium ore supplies for its steel industry. Even China is racing to lock up deposits in Africa and South America to guarantee its own future dominance..."

Her patriotic appeal ignores the fact that the US has neither the ship-building capacity nor the engineering skillset numbers to build aircraft carriers at pace.

So the point re iron ore has a hint of stable-shutting after the 'critical minerals' horse(s) have long since bolted.

Better late than never, I suppose.

ZIOC should be aware of status/likelihood of success given that Phil Mitchell, ZIOC's newly-appointed NED, lists amongst previous directorships Ivanhoe Atlantic, i-Pulse, Euronimba Limited and Euronimba Liberia. (10 Aug).

Although usually characterised as Canadian, Ivanhoe's boss, Friedland actually has dual citizenship....US, so maybe there's a 'Trumpian deal' to be done.

Friedland got Boulos to lobby Liberia to break the rail monopoly the Indians had on his mooted Kon Kweni export line....

https://www.heritagenews-lib.com/heritage/news/news/detail/us-backs-president-boakais-push-for-multi-user-railway-2073

GLA

There's nothing to stop you making a maiden contribution, by offering some research or insight.

Blackrock in fact DECREASED their holding, probably marginally, to BELOW 5%......in the same way as they recently increased it to a reportable level.

GLA

Thanks!

Here's a link, hat tip Dylan2

Some exposure on Times Radio if not already posted hTTps://www.linkedin.com/posts/timesradio_ad-activity-7382108843008348160-le7l?u

and this , hat tip supernumerary from the Economist

Https://www.economist.com/international/2025/09/30/the-flashing-red-threat-from-russias-dark-fleet

plus this from Countryman5 (Barclays interview with Tucker)

hxxps://lnkd.in/eRxkt3_5

and finally, this from owenski

Https://www.youtube.com/watch?v=0l4knHwGt74

Lots of coverage

;->

GLA

Timeskuwait.com/uae-kuwait-boost-military-cooperation-through-high-level-meetings-joint-demonstrations/

2 x photos as part of UAE visit to Kwt.

GLA

...and this 'flavour'

https://www.afr.com/companies/mining/rio-tinto-and-japanese-partners-green-light-1-1b-pilbara-mine-20251007-p5n0lf

This spend is ' part of its pledge to spend $20 billion [Ed.: US$ 13.2 billion] in the region to SUSTAIN production VOLUMES over the next THREE years.

You could buy a whole mine - with higher volumes and better grades - for less than that.

Jes' sayin' , like.

Zanaga Iron Ore

@Zanaga_Iron_Ore

·

1h

🗺️ Understanding our location ⤵️

The Zanaga Iron Ore Project is situated in the south-west of the Republic of Congo, in the Lékoumou Department.

📍 Approximately 30 km west of the regional town Zanaga.

📍 Approximately 300 km north-east of Pointe-Noire, the main port city.

📍 And approximately 250 km north-west of Brazzaville, the capital.

The project's proximity to major export routes via the port of Pointe-Noire will serve the Zanaga Iron Ore Project well as we look to bring our high-grade iron ore product to global markets."

Where's my cheque-book?

GLA

Thanks for these links, which give 2 completely different perspectives:

- Congo Times 'bigs up' the meeting/document significance;

while

- Japanese Foreign Ministry puts it - unexpectedly to me - pretty undiplomatically:

.."On August 22, COMMENCING AT 10:AM FOR APPROXIMATELY 15 MINUTES, Mr. IWAYA Takeshi, Minister for Foreign Affairs of Japan, held a meeting with H.E. Mr. Denis Christel SASSOU N’GUESSO, Minister of International Cooperation and Promotion of Public-Private Partnership of the Republic of Congo ...."

.."Minister IWAYA mentioned that Japan DECIDED on PROVIDING FOOD ASSISTANCE as well as dispatching experts in rice cultivation and fisheries to ENSURE FOOD SECURITY in the Republic of Congo, and stated his desire to continue cooperating TO RESOLVE DEVELOPMENT CHALLENGES in the Republic of Congo".

So, Mr Minister, tell us what you really think?

GLA