Member Info for extrader

On Mining Journal,

"Exclusive: Mark Cutifani on Vale exit, Rio's new chief, and the return of M&A

Cutifani sees strategy, skills and smart mergers as key to mining’s next phase.."

The rest behind paywall. If you have access, pls share anything useful/relevant.

Meanwhile, Vedanta Resources has lost its base metals CEO, Chris Griffith, amid debt and short-seller woes. Griffith previously was a high-flyer at Anglo American, having run both Anglo American Platinum (Amplats) and before that iron ore producer Kumba Resources.

Another ex Anglo bod looking for a job...

GLA

.."Argentina: Moody’s upgraded Argentina by two notches following the easing of capital controls and the IMF board’s approval of a combined USD 10bn augmentation to the Extended Fund Facility. The rapid float of the Peso has helped narrow the parallel market spread to 12%, reducing pressure on central bank reserves. However, inflation expectations remain entrenched, with one-year breakeven rates hovering near 40%. The trade surplus narrowed to 1.6% of GDP as fertiliser and capital-goods imports rebounded. Analysts now forecast a current account deficit of 3–4% in 2025. President Javier Milei reiterated his intention to veto any “populist” spending bills, reaffirming the government’s 2% GDP primary-surplus target. A fiscal showdown is building around a proposed provincial revenue-sharing bill. Meanwhile, the T-bill curve steepened 250bps month-to-date as investors shifted towards USD-linked instruments to hedge against ongoing FX volatility..."

Steady as she goes.

Details of that dam, including name...

.."China also announced the commencement of the construction of Yarlung Tsangpo Dam on Xi Zang Plateau with planned capacity of 300bn kWh of electricity. This is the equivalent of 3x the Three Gorges Dam, currently the largest hydroelectric in the world in terms of generating power. The project is expected to cost Rmb1.2tn. Such projects are expected to support demand and generate spillover benefits across materials, construction, and engineering industries...."

GLA

And another 500K of 'unknown' trades....

Thanks!

Surely (2) is ruled out by the DoJ's opinion.

And (3) - without a ruling for an expedited hearing - would be a bit of a set-back.

Including for Preska herself.

GLA

Headline translation of mission statement:

‘Les Défis Du Congo’, your web-journal, aims to highlight the challenges, initiatives and other successes that are shaping the future of the Congo. Every day, discover the news, analyses and reports on the field of challenges and opportunities that is the Congo.

Our mission is to inform while respecting the sacredness of facts, but also the freedom of analysis and comment. This is a basic principle of journalism.

So explore, be inspired, and join us in tackling the Congo's challenges."

GLA

PPS

Your source translates as 'Congo's challenges' with the subtext 'Together we can overcome them', which may set the positivist tone.

A story immediately below is also of interest, see

https://lesdefisducongo.com/ulsan-mining-decaisse-plus-de-737-millions-deuros-pour-rehabiliter-la-voie-ferroviaire-entre-pointe-noire-et-mayoko/

.."On Friday 18 July in Brazzaville, the Congo-Ocean Railway (CFCO) and the Turkish mining company Ulsan Mining signed an agreement worth more than 737 million Euros (483.440 billion FCFA) to rehabilitate and modernise the Pointe Noire - Mayoko railway section, in the Niari department.

The agreement was initialled by Ignace Nganga, General Manager of the CFCO, and Vakkas Karaoğlu, Managing Director of the Société d'Exploitation du Fer Mayoko-Moussondji (SEFMM), in the presence of Ingrid Olga Ghislaine Ebouka-Babackas, Minister of Transport, Civil Aviation and the Merchant Navy.

The aim of the partnership is to transfer mined iron ore from the Mayoko deposit to the Pointe Noire economic zone (ZES) over a distance of just over 400 km.

It also includes the renewal of the fleet, with the purchase of almost 20 locomotives and more than 300 industrial wagons to improve the operation of the line.

At a time when many African countries are thinking about processing their minerals locally, like neighbouring Gabon, which since 30 May 2025 has been capitalizing on the idea of locally processing the manganese mined on its soil, Congo has no intention of standing on the sidelines.

The agreement between the Turkish company and Congo also provides for an investment of nearly 2 billion dollars (1,128.18 billion FCFA) for the construction of a smelter in Pointe Noire.

As well as adding value to the country's raw materials, this will create hundreds more direct and indirect jobs and have a significant social impact. This option will enable the Congo to reduce its exports of raw materials.

According to Ignace Nganga, these agreements augur well for both the railway workers and the local populations along the route, in that they will create jobs and open up the regions in a sustainable way..."

Buses, eh!?

;->

ATB

PS

Hence my reference to CMEC, its Imboulou experience, and the (perhaps related?) lack of update re ZIOC's MoU with them re the Project's hydropower sourcing....

Welcome news, MM, but this is only getting back to the 'status quo ante', restoring capacity lost through lack of maintenance, mismanagement and consumer theft.

From my post of 17th, C-B itself acknowledges

..'"The electricity sector in Congo is facing a number of challenges , in a governance system marked by obsolete and poorly maintained infrastructures, resulting in still very limited and [often] illegal access to energy for citizens. In order to correct these weaknesses, PASEL has been designed as a concrete, structured and targeted response to the situation. With funding of USD 100 million, it aims to rehabilitate and reinforce the very high voltage line between Pointe-Noire-Brazzaville, which, because of its difficulties, PREVENTS 200 Mw from reaching the capital.", the Minister said'.

His unusual candour is refreshing, but sobering, I'd say.

If this candour is the start of a change in mindset, it's certainly welcome ...and encouraging.

Let's see what else is said/done.

ATB

Timeous (subject to what transpires), given the apposite moaning (self included) on the other board.

ATB

.."he wanted me to appreciate all the work they are doing for shareholders which we are not seeing. .."

Fair enough.

But it would be 'fairer' if the 'bit for shareholders' we ARE privileged to see was a bit more profound than the occasional platitudes/SOBO's that are shared on X, most of whose readership will be the 'already converted'.

Like others, I'm in for the long haul - in my case, literally : working up to a marathon in 12 weeks - but these days I'm less impressed with effort than with results....

Jes' sayin', like!

ATB

PS Late posting from 17th of 2 x 573K trades suggests someone has a view, whether +ve or -ve isn't clear to me.

Driving?

TIA

.."We need port news and more on the CEE Mou..."

Re port, maybe time for Arise to use its connections to make headway on its development....and for the CEE MoU (Feb 2025) to put some meat on the bone....if there's any bone, that is.

CMEC - with whom ZIOC has/had ANOTHER MoU (18 months ago Dec 2023) for Project hydropower incl finance at an unspecified location(s), appears to have cooled on C-B after its well-publicized problems with Imboulou dam last year :

.."The Imboulou hydroelectric facility, built by CMEC and inaugurated in 2011, has experienced serious structural degradation over the years. A technical report from late 2024 revealed localized collapses of concrete in front of the powerhouse, infiltration issues from the reservoir, and deterioration near key transmission infrastructure.

CMEC attributed much of the damage to the removal of on-site civil engineering supervision, which had been part of the original contract but was later cut for budgetary reasons.

Without that oversight, maintenance responsibilities fell to local staff, and CMEC claimed those weren’t adequately fulfilled.

The situation escalated to the point where CMEC warned of potential collapse risks and urged comprehensive geotechnical investigations and structural reinforcements. They also noted that unit 2 of the power station remained unrepaired despite earlier recommendations, and that the system was dangerously overloaded."

[Ed.: This (lack of maintenance) appears to be a systemic issue in C-B, a depeches last week reported

.."The President of the Republic, Denis Sassou N'Guesso, criticized during the Council of Ministers on July 16, the advanced degradation of the infrastructures built at great expense on the occasion of the 50th anniversary of the African Games in 2015, and ordered the immediate establishment of a task force responsible for rehabilitating them..."

This would be the same stadium that was being 'urgently upgraded' 3 years ago, per

https://www.adiac-congo.com/content/stade-alphonse-massamba-debat-la-deuxieme-phase-des-travaux-attendue ]

Meanwhile the 'deus ex machina' solution to all the country's power needs - Sounda Dam - announced with much fanfare at FOCAC last year (ANOTHER MoU , Sept 2024), seems also to have gone quiet (ground-breaking was indicated for H1 2025...).

Marginally more within ZIOC's gift are (or should be)

(1) the NPV upside of its planned DRI product (RNS'd as 'in process of COMPLETION' a month ago, the results of this to 'be announced SHORTLY'); and

(2) the identity of the tester and believed EPC contractor, PSEI, which would add to the credibility of the claimed upside - and indicate that company's continued commitment to the Project.

I'd like to think that ZIOC management lack of engagement with PI's is because it has bigger fish to fry, but unhelpfully if understandably there's no evidence of that, either.

Ho hum

GLA

Hi BBH,

For various practical reasons - which it's already implied - BUR doesn't want the YPF shares themselves.

OTOH, a 'contempt of court'ruling won't help Argentina while it's actively soliciting the foreign investment on which the country's longer term 'return to better fortunes' depends.

The shares themselves aren't 'a hill worth dying for', having acquired totemic value, so both sides are incentivised to try something else.

The DoJ has (helpfully, IMO) spared Preska's blushes, let's see what she comes up with in her ruling.

AIUI

Https://thediplomat.com/2025/07/africa-and-china-turning-focacs-strategic-upgrades-into-real-outcomes/

Snippets:

.."A review of the outcomes from implementing the 2024 Beijing Action Plan shows that the diplomatic elevation of Africa-China ties is already translating into tangible results. One notable shift is on trade: in a move that goes far beyond the limited impact of last December’s pledge to remove tariffs on exports from African Least Developed Countries (LDCs), China has now eliminated all remaining tariffs on goods from 53 African countries with which Beijing has diplomatic ties. This move contrasts sharply with recent U.S. trade measures that have imposed tariffs as high as 50 percent on African exports.

On investment, the numbers are equally telling: between the September 2024 Beijing summit and March 2025, new investment from Chinese enterprises in Africa reached 13.38 billion yuan ($1.87 billion), alongside 130 billion yuan in financing and 140 billion yuan in insurance support for African development projects. These shifts confirm that upgraded ties are not merely symbolic – they are shaping resource flows and market access in real time...."

.."African states must now sharpen their strategies to maximize the new framework. The Beijing Action Plan speaks broadly about shared goals, but implementation depends on country-specific proposals and clarity. If a country wants better trade access, it needs to make the case with data, readiness, and product consistency. If it seeks support for industrial upgrading, it must show how it will create jobs and value, not just import factories..."

Finally

.."FOCAC 2024 marked a milestone, but 2025 is the year that will test whether upgraded ties can deliver real outcomes. As China deepens engagement with other regions – through summits with Latin America, Central Asia, and beyond – Africa must sharpen its own value proposition. African policymakers must ask: what do these upgraded ties mean for us now? More importantly, how do we move from diplomatic words to domestic wins?

The tools are there. The action plan is ongoing. The ball, now, is in Africa’s court..."

On the face of it - Co Chairmanship, signing of CEPA, previous 'declarations of intent' - C-B is well-placed.

Let's see if an opportunity presents.

By any measure, we're overdue some news from ZIOC.

MK's self-congratulatory linked-in self-description isn't ageing well.

GLA

BUR's quick reply was to the DoJ submission, apparently favouring Argentina

.."BUR's quick reply to the DoJ Anmcus Curia outcome :

🔴The U.S. Department of Justice files amicus in support of the request to stay the ruling that orders the country to hand over YPF shares — These are the main arguments:

- First: The United States has a diplomatic interest in the issues raised in this appeal.

- Second: The government submits this amicus curiae brief in support of Argentina’s request to suspend the enforcement of the judgment while the appeal is resolved, to allow for an orderly presentation of arguments and an appropriate resolution of these relevant issues.

- Third: The assets of foreign states enjoy absolute immunity from enforcement measures (FSIA).

- Fourth: There is no indication that, in establishing exceptions to the FSIA limited to immunity over assets located in the U.S., the U.S. Congress intended to eliminate immunity for assets located abroad.

- Fifth: Argentina argues that, without a stay, it could suffer irreparable harm. If it complies with the transfer orders and hands over YPF shares to creditors in the U.S., it risks losing control of that asset (YPF shares).

- And Sixth: A stay during the appeal will not harm the plaintiffs."

As BUR points out, without requiring Argentina to post a bond, 'Plaintiffs would be left - with a fully enforceable, unstayed judgment, high and dry'.

'Your move'.

ATB

Seb's tweet

.."🔴The beneficiaries of the YPF ruling inform the Court of Appeals that they do not wish to retain YPF shares in the event that Argentina succeeds in its appeal. They have no interest in managing an oil company and will seek the best way to return the shares. However, they do not want the Court of Appeals to allow the country to appeal without posting a bond.

An alternative path, not considered until this morning, is now open..."

Nice move.

GLA

USD 100 million for rehabilitation of links between PN and Brazzaville, system repair and upgrade, metering/collection of major consumers etc etc.

Per depeches today...

.."Launching the project, the Minister of Energiy and Water acknowledged that the electricity sector is in difficulty, but

that 'PASEL' (the upgrade) was set up to solve the problem.

"The electricity sector in Congo is facing a number of challenges , in a governance system marked by obsolete and poorly maintained infrastructures, resulting in still very limited and [often] illegal access to energy for citizens. In order to

correct these weaknesses, PASEL has been designed as a concrete, structured and targeted response to the situation. With funding of USD 100 million, it aims to rehabilitate and reinforce the very high voltage line between Pointe-Noire-Brazzaville, which, because of its difficulties, PREVENTS 200 Mw from reaching the capital.", the Minister said.

The World Bank's representative affirmed that this project plays a key role in the socio-economic development of the Congo, and contributes to the fight against poverty."

Sounds pretty bad.

Mind you, maybe the UK should approach the World Bank to help out with Thames Water et al.

GLA

Sebastian Maril

@SebastianMaril

I clarify one point: This amicus is not related to the appeal of the USD 16.1 billion ruling. This amicus is regarding the ruling on the delivery of the shares, where the Joe Biden Government had already submitted an amicus in Judge Preska's court.

Followed by

🔴The U.S. government’s intervention in support of the Republic of Argentina is likely aimed at persuading the Court of Appeals to STAY Judge Loretta Preska’s RULING while the turnover appeal is underway. For now, the Department of Justice’s (DOJ) backing does not appear to extend to the APPEAL concerning the order to turn over YPF shares, nor it does apply to the $16.1 billion ruling...."

Maybe (consistent with earlier speculation) DoJ just doesn't want Preska to come out with anything that wouldn't be helpful in any negotiations?

That 'confirmation bias' is showing again !

;-<

ATB

.."Thank goodness there are some posters here who manage a calmness about their thoughts..."

An odd comment, coming from someone whose own posting seems mainly driven by motives much less commendable than enthusiasm.