Member Info for extrader

Come to think of it, the wording was probably “not less than...”

Another nuance for you to parse.

Have fun !

Hi simonthezealot,

..". The Gov't can take whatever they want too btw - some of you referred to this the other day...."

Don't recall the reference, other than the 'min 10% free carry', but - once again - you seem remarkably un-worldly-wise re the realities - and risks - of ANY investment .

I live in a country where the opposition has been talking about nationalising utilities and other infrastructure assets , saying that any compensation will be at their discretion and not based on market value ; and where the government of the day a few years back levied unscheduled 'windfall taxes' on a key wealth creator (that would be the UK, btw).

I have a holiday home in another European country where a few years ago the government changed the contractual feed-in tariffs on renewable energy producers ...AND backdated the 'adjustment' such that many bona - fide investors lost their shirts.

Capricious governments are a risk to investors anywhere, not just 'deepest , darkest Africa'..... Most Governments learn (sometimes the hard way) that if they break the 'rules' too flagrantly, they /their country becomes 'uninvestable' (or pays a significant 'risk premium').

There's a reason for all those 'risk warning disclaimers' in the fine print of offer documents and elsewhere.

Why do you think that might be ?

ATB

This is how ZIOC tweeted Velloza's appointment as a NED :

Pleased to announce Johnny Velloza will be joining the board of Zanaga Iron Ore. His operational experience in iron ore will be invaluable to ZIOC. Johnny previously ran @bhp ’s largest iron ore mine #ZIOC #ironore

And, for good order's sake, on the GLEN side of things at Jumelles :

…"Mr. George is currently Head of Glencore’s Iron Ore Division. He serves as Vice Chairman of the Board of Directors of the El Aouj Mining Company SA in Mauritania and a member of the Board of Directors of Jumelles Limited, the holding company of the Zanaga iron ore mine in the Republic of Congo.

Immediately prior to his current role, Mr. George served as the Chief Risk Officer of Glencore. He earlier held a number of roles at Glencore’s head office in Baar, Switzerland from 2009 onwards focused on iron ore, nickel and ferroalloys physical and derivatives trading, and has been involved with iron ore marketing since its inception at Glencore. …."

ATB

Hi Mitch984,

.."With so many different offshore companies and trusts being involved though, I don't think anyone will ever know for certain..."

I think you're right there ! From my earlier post, it looks as though Pengilly the NCCL CEO ('the connected party' hence the disclosure) is ONLY ONE of the potential beneficiaries of the Seritza trust : " Seritza is a private company owned by a trust of which NCCL CEO, Hanno Pengilly, is a potential beneficiary and so is a related party."

The trust could be an umbrella holding co for investors, family, friends, key employees etc. Circling back to ZIOC, it wouldn't surprise me if some of the personnel there aren't similarly 'looked after'.

ATB

Hi bartlebobton,

See https://www.cleanenergywire.org/factsheets/germanys-energy-consumption-and-power-mix-charts

Contrary to your claim, this suggests that since 2005, renewables have supplanted nuclear (clean ) and hard coal (not so clean) ...and left lignite ('dirty coal' ) consumption virtually unchanged.

Blame a carbon credit system devised by naïve civil servants and 'gamed' by capitalism...

ATB

Hi slipanchor,

I posted here or elsewhere a short while back a Chinese govt report that said that coal was currently 65% of China's energy mix and was expected to fall to 30% by 2050.....

Bearing in mind that - under most planning scenarios - China is likely to need a heck of a lot more energy overall by then, that rather suggests the 30% will be of a much larger cake ie if anything, absolute COAL consumption is likely to go up.

Meanwhile, closer to us, Germany was forced by its Green movement some years back to abandon nuclear, for ideological reasons....with the result that it has had to maintain/increase its consumption of lignite, the dirtiest form of coal, to deal with the intermittency (= unreliability) problem that bedevils renewables dependent on sun / wind....

As Meldrew (sp ?) might say ' You couldn't make it up !'.

ATB

Hi technician,

…"Does anyone know who Seritza is?..."

Without checking further, it appears to be : Seritza is a private company owned by a trust of which NCCL CEO, Hanno Pengilly, is a potential beneficiary and so is a related party.
[ Ed. : this Seritza has recently provided a working capital loan to NCCL, to help it manage its funding requirements pending finalisation of a major project involving GE and the Chinese....sound familiar ? ;-> ]

See https://www.investegate.co.uk/ncondezi-energy-ltd--nccl-/rns/solar-battery-project-and-working-capital-facility/201910231000048542Q/

NCCL (Ncondezi Energy) is a coal-mine/power plant project in Mozambique kick-started by M Howarth, co-founder of ZIOC with Cliff Elphick. Howarth (+ friends ?) was behind Garbet and Elphick ( + friends ?) behind Guava, the 2 x principal shareholder groups in ZIOC.
Simplistically, it appears that Elphick has the mining connections re ZIOC and Howarth the banking/HNWI connections behind both companies. Howarth appears to have a sense of humour, his HNWI activities are / were ? under the umbrella of a company called 'Strata Ltd.'

Howarth has been scaling down his (public) interest in ZIOC over the last couple of years, see : "Mike Haworth has his interest held in Salamanca Trustees (Jersey) Ltd 13.269,127. Prior to that he represented a block called Gabet of 115,671,186 shares (roughly 40 % of ZIOC) which was disbanded and paid out to the various shareholders...."

I'm not quite sure where Pengilly fits into the bigger scheme of things, but - as I've said before on this board - there's a lot of interesting read-across between NCCL and ZIOC as the founder - developers of both projects seek to monetise their assets....

HTH and ATB

Hi all,

…...subject of much fanfare in the local press, may have 'gone walkabout'....

Per Africa Intelligence :
CONGO
" No-show on Sapro's second iron ore cargo..."

Ho hum.
ATB

Hi atg,

…"So this might never be ZIOCs problem if is sold out totally prior...."

That's my understanding, though (indirectly) the obligation to carry would be included in any buyer's costings and reflected in an appropriate reduction in the price offered.

I'm working on the basis that 5% of our 50% will still leave us a healthy return : who was it said that they're always happy to leave the last 10% to the next guy.... ?! ;->

ATB

Hi 2020zioc,

AIUI (ZIOC IPO doc difficult to locate), Govt of Congo is entitled to 'at least 10%' free carry in Jumelles Limited, the operating vehicle, which is currently owned 50% +1 share by GLEN (post its acquisition of Xstrata) and 50% - 1 share by ZIOC.

So C-B would effectively be entitled to get a 5% 'free carry' from each of GLEN and ZIOC

I'm not clear whether the 2 current partners could act independently of each other. As things stand, if GLEN wanted to be involved in the future project , they could afford to finance their share of the project AND their share of C-B's 'free carry', ZIOC couldn't / can't afford to do either.

So our and GLEN's risk/reward calculations are very different.

HTH and ATB

Hi Maverick 7,

Would they be on Orinduik (= ECO-relevant) or elsewhere ?

TIA and ATB

Hi all,

Claim on ECO site next door just now that Total webcast says there'll be 2 wells drilled in Orinduik this year....

NAI, DYOR, etc etc
ATB

Hi Diver69,

AIUI, a disclosable stake is anything over 3% , unless it's an above Euro5,000 p.a. purchase by a company executive or director (the PMDRs). A buyer can make an offer for the company at any time, doesn't have to have a prior holding.

You have to make an offer if you pass over 29.9%..... and in this case, at the highest price you've acquired in the last 12 months....

HTH and ATB

So,

Hi all,

Per Africa Intelligence, Congo's carrier Air Sassou has been grounded in Dubai over an unpaid US$ 1.7 m bill......and , perhaps more significantly, there's this (rest behind paywall) :

IMF states its conditions on oil debts
In advance of its re-examination of the second instalment of [...]

So still a few issues to resolve, it would seem. Maybe GLEN would like to come up with some creative 'wrap-up' ?

ATB

Hi DC,

I don’t think so, they were posting separately on the Soco / SIA / now Pharos boards over the last 15 years or so , last time I looked....

IIRC nigelpm was more consistently cautious, t’other a bit more excitable ( positive / negative and then back).

ATB

Ly

Hi adoubleuk,

Re your …"So thanks, 'Jonny7', whoever you are!"
I think you'll find that Jonny T (not 7) also posts as ngms27, on ADVFN etc.

HTH and ATB

Hi ShrewdDude67,

The first two Q's I would find intrusive ! A lot of people wouldn't want to alert the taxman (or Significant Other ;->) as to their finances unless they had to.
The FCA guidelines for PMDRs are here : https://www.fca.org.uk/publication/forms/pdmr-form-guide.pdf · PDF file
Note that there is a threshold disclosure level of Euro 5,000 p.a., which may not have 'bitten' in previous years.
The incentive/ golden handcuff scheme was introduced only this year and IIRC is 'pooled' amongst several staff, maybe they disclose only once amounts finally decided....?
If they have to, I 'd expect ZIOC to disclose as late as possible (that's their MO on other regulatory releases), most likely when the full Annual Report is released, ie very late June 2020.
Maybe this issue will be overtaken by events, by then...…;->
Re (3), I'd reckon that would count as 'commercially sensitive' info, particularly if there WERE anything going on where this point might have a bearing.

Just my ha'porth
ATB

Hi all,

As if TLW management don't have enough on their plate, it looks as though someone's stake-building, perhaps with a view to having a voice/vote on the co's future :

Samuel Dossou - Awaret now up to 11% , per today's RNS...
https://en.wikipedia.org/wiki/Samuel_Dossou-Aworet

ATB

Hi simonthezealot,

You really shouldn't get excited about ZIOC's BVI status....that's where it has ALWAYS been incorporated, see the VERY FIRST RNS of 18 Nov 2010, extract :

..@Overview of Zanaga

Zanaga Iron Ore Company Limited (AIM: ZIOC), a British Virgin Islands registered company, is focused on the management, development and construction of a world class iron ore project, located in the south west of the Republic of Congo (Congo Brazzaville). Zanaga owns, through its 100% owned subsidiary Jumelles Ltd, 100% of Mining Project Development Congo S.A.U. Mining Project Development Congo owns two exclusive exploration licences, each covering 500km², the Zanaga-Madzoumou Exploration Licence and the Zanaga-Bambama Exploration Licence ("Zanaga Exploration Licences"). …."etc

You'll be bleating next that you've discovered that ZIOC is doing business in Africa and asking whether we understand the risks.....

I've heard it said that some people are so slow that they'd turn up late to their own funeral Never understood up to now what they meant.

ATB

Hi 99icecream,

Thanks for this....;-<….meanwhile, here's another article re SNPC indebtedness (and likely resultant IMF hesitation), courtesy Global Witness.

https://www.globalwitness.org/fr/campaigns/oil-gas-and-mining/rigged-republic-of-congo-oil/

Global Witness obviously has an axe to grind (a.k.a. 'consider the source') , but the claims it makes appear plausible....and note the comment that Nguesso and co may not want to follow/implement any IMF programme measures that aren't 'helpful' in an election year...

ATB