Member Info for extrader

Hi Feeks,

Thanks for the heads up!

https://www.bindingsolutions.uk/2025/06/british-steel-and-binding-solutions-successfully-complete-250t-cold-agglomerated-pellet-trial/

.."The trial proved the operational effectiveness of BSL’s CAPs in a blast furnace, with blast furnace stability maintained whilst continuing to meet the plant’s required performance parameters. BSL’s CAPs can therefore replace up to 8% of indurated pellets in a blast furnace, offering a viable and near term opportunity for the steel industry to reduce emissions from primary steel making..."

Binding Solutions' technology seems to be intended for helping reduce emissions at blast furnaces, from the above only (at present) replacing 8 percent of the feedstock, AIUI.

ZIOC - again AIUI - is hoping its product will be used as feedstock for DRI steel .......which does not use blast furnaces. Instead, DRI relies on shaft furnaces or rotary kilns, where iron ore is reduced using carbon monoxide and hydrogen at temperatures below 1,200°C—without melting the ore.

This process is more energy-efficient than traditional blast furnaces and is increasingly favored for low-carbon steelmaking...."

The OTHER BSL - British Steel - is now owned by the Chinese Jingye Group and I wonder whether there's any tie-up Jingye might have with ''our' EPC contract PSEI /Kunming?

ATB

Hi MM,

.."However, it’s the very specific grade of iron ore needed to produce DRI steel that will be the blocker.

Australian iron ore producers ship hematite, which has a high (but in the Pilbara’s case declining) grade in the ground. But it is magnetite concentrates, which need to be beneficiated to deliver higher grades with lower impurities to the market, that are key for DRI..."

The thesis is that Australia has a shortage of suitable high-grade ore, either for direct use or for blending with 'Pilbara rust'.

This article suggests that there's no shortage of magnetite in Australia, which puzzles me, esp in light of the recent revelations re increasing export shortfall of Pilbara 62% fines and consequent (Argus-led) initiative to revise the definition...

https://www.energymining.sa.gov.au/industry/geological-survey/mesa-journal/previous-feature-articles/magnetite_south_australias_potential

.." [since the mid 2000's] the demand for iron ore rapidly expanded, principally due to activity in China. Since then a resource base totalling 15.9 Bt of magnetite ore has been defined across three regions in the state with potential to significantly extend this (Table 1; Fig. 1). In 2015 Geoscience Australia reported that magnetite represented 44% of our nations ‘economically demonstrated resource’ base of iron ore resources (Geoscience Australia, pers. comm. 2017). South Australia’s economically demonstrated resource of magnetite ore currently totals over 6 Bt...."

On the face of it, the Govt article (OK, South Australia, not Western Australia) says there's no shortage of magnetite, the business world's working assumption - and action - is that there is a shortage. How to reconcile the two points of view? Does GROK have anything to say?

TIA!

Per Semafor

🌍 The African Development Bank will invest $100 million in Arise Integrated Industrial Platforms to fund the latter’s developments of African industrial parks and special economic zones

https://www.afdb.org/en/news-and-events/press-releases/african-development-bank-approves-investment-us100-million-arise-integrated-industrial-platforms-limited

.."Through programs like the African Development Bank’s Special Agro-Industrial Processing Zones and investments in Zones partner companies like Arise IIP, we enable transformative, private sector-led agro-industrialization that boosts local processing of commodities, creates jobs and grows rural economies,” said Dr. Beth Dunford, the African Development Bank’s Vice President for Agriculture, Human and Social Development.

it is estimated that over 400 companies have been on-boarded from 47 industry sectors, which has led to the creation of over 50,000 jobs. The dominant sectors include wood, glass, soya, cashew processing, cotton processing and textiles, ceramics, beverages, pharmaceuticals and meat processing. It is also estimated that over $7 billion has been mobilized by tenant companies within the existing zones.

“This investment in ARISE IIP is a signal of the Bank’s commitment to scaling up industrialization in Africa in value chains where we are competitive. This is also a demonstration of the strategic partnership we have with African MFIs such as the Africa Finance Corporation (AFC) and the Fund for Export Development in Africa (FEDA), the Afreximbank’s equity impact investment arm, who are the principal equity investors in ARISE IIP.

Gagan Gupta, CEO of Arise IIP, remarked, "The African Development Bank’s investment highlights their confidence in our model as a driver of Africa’s industrial growth. We are excited to strengthen our efforts in transforming local value chains, creating jobs, and supporting sustainable economic development across thecontinent. The dedication, vision, and hard work of the entire Arise team have been instrumental in building this partnership."

About Arise IIP: ARISE Integrated Industrial Platforms (ARISE IIP) is a pan-African developer and operator of world-class industrial parks committed to making Africa thrive. Arise IIP identifies opportunities in commercial and industrial value chains across Africa, and conceives, finances, builds and operates the necessary infrastructure, playing a catalytic role in supporting countries to transition to an industrial economy. Arise IIP is driven by the pursuit of green growth, with an ambition to UNLOCK THE CONTINENT'S INDUSTRIALPOTENTIAL WHILE NEUTRALIZING CARBON EMISSIONS and climate impact. (Website: ariseiip.com )..."

GLA

Apology accepted.

We know from a PSEI 'reveal' that ZIOC's project study progress is already to 'bankable feasibility standard', so it's quite a way further down the track.

Its remaining 'milestones-to-completion' have been spelled out and are (perhaps somewhat ambitious but) short-term. In mining terms, one could almost say 'imminent', AIUI.

The new shareholders/management team include industry veterans, including several that have worked at the highest technical, financial and implementation levels throughout the progression of Simandou, which is the nearest analogous project.

..Read the full article here

https://www.spglobal.com/commodity-insights/en/news-research/latest-news/metals/052725-ferrous-series-high-grade-iron-ore-seeks-out-its-place-in-steel-decarbonization-journey.."

Now THAT's more like it!

Zanaga Iron Ore

@Zanaga_Iron_Ore

·

2h

A recent article by @SPGCIMetals highlights that, as the steel industry looks to lower its carbon footprint, more emphasis is being placed on the importance and scarcity of high-grade iron ore. As a result, the market has seen “significant investments” in projects that can meet this criteria, especially in Latin America, Africa and the Middle East.

The Zanaga Iron Ore Project is a future world class asset and seeks to develop Africa’s largest known #iron ore reserve, with testing indicating a high-grade, low impurity product suitable as feedstock for the decarbonisation of the #steel industry..."

Thank you.

Onwards and upwards!

IMO

The latest scintillating tweet :

.."Zanaga Iron Ore

@Zanaga_Iron_Ore

·

10h

The Zanaga Iron Ore Project is ONE OF THE ONLY LARGE, high grade, long-life, iron ore assets not controlled by an existing major iron ore producer. The orebody supports a >30 year mine life, with potential to further extend this..."*

* Sadly, consistent with the last presentation p. 28

How many other 'only large' assets are there? Do you mean 'one of the few'? Why invite your readers to think of who else there might be?

Shome mishtake, Shirley !

That's a very curmudgeonly response to someone who's taken the trouble to show you (politely) a basic difference between the development stages of the 2 x projects.

Google 'Lassonde curve' for a second.

ATB

Bruno Itoua ordained as a Church Minister, per depeches :

.."Testimonies from his biological family and members of the church, recorded the progress of Bruno Jean Richard

Itoua from his call to God's work for the church through to his consecration as an apostle.

. Apostle Bruno Jean Richard Itoua gave the sermon, in which he called for the unity of the apostles to strengthen the Church and the body of Christ...... pointing out that the Church in French-speaking Africa seems to be lagging behind English-speaking Africa. In his view, it's necessary to work to bridge the gap.....

It should be noted that Apostle Bruno Jean Richard Itoua is one of the leaders of the Christian ministry of spiritual warfare and is also head of the Foundation for Christ.

[Article concludes with this lapidary observation] :

In addition to his ecclesiastical responsibilities, he is Minister of Hydrocarbons...."

Itoua is part of the Nguesso clan mafia and often appears in articles citing corruption within SNPC, see

https://offshoreleaks.icij.org/stories/bruno-jean-richard-itoua

and https://en.wikipedia.org/wiki/Panama_Papers_(Africa)

..."Bruno Itoua was the president's advisor on oil and director-general of the SNPC until 2005. A US federal court found that he diverted funds to fictitious companies, but he nonetheless became minister of energy. Panama Papers documents seen by Le Monde reveal he has also held the power of attorney since 2004 for Denvest * Capital Strategies and Grafin Associated SA, registered by Mossack Fonseca in Panama and the British Virgin Islands..."

*no prizes for guessing who's behind Denvest.

Bruno also needs forgiveness for his more recent decision to bless (geddit?) an agreement to expand onshore drilling in a protected nature reserve, see

https://www.msn.com/en-us/news/world/experts-raise-concerns-as-government-announces-plans-to-go-against-international-agreement-fatally-at-odds...

Maybe Brazzaville should be re-named Bizarre-aville.

GLA

Ashmore latest :

.."Argentina: The government announced the easing of capital restrictions from 1 June to encourage the formalisation of undeclared savings held in pesos or US dollars. Authorities estimate that Argentines hold between USD 160bn and USD 320bn outside the financial system, consistent with the international investment position data from INDEC, which reported USD 193bn held offshore or under the mattress.

The intent is to liberalise “repressed consumption” by incentivising savers previously unwilling to declare their wealth. The policy will be introduced initially via presidential decree and later sent to Congress as draft legislation to avoid reversal by future administrations. It may be passed after the new Congress is installed on 10 December 2025.

Argentina also announced the first sale of peso-denominated debt in nearly 10 years. Wednesday’s auction will be for a maximum of USD 1bn of 2030 peso treasury notes, which can also be bought in dollars.

Demand for the bonds will be a fascinating barometer of investor confidence in Javier Milei’s economic regime...

Watch this space...

GLA

.."the Company has COMMENCED a Preliminary Economic Assessment (PEA) for this project...."

In mining finance, a Preliminary Economic Assessment (PEA) is an early-stage economic analysis of a mining project. It helps determine WHETHER a mineral deposit has the potential to be economically viable BEFORE moving on to more detailed studies like a Pre-Feasibility Study (PFS) or a Bankable Feasibility Study (BFS.

HTH

We seem to be getting mixed messages from ZIOC management : on the one hand, banal twitter messages informing prospective punters (amongst its few followers) that it's on AIM (its latest 'promotional' message)....as if that's likely to motivate folk to BUY.......

On the other hand, there's someone direct-messaging MM (he's said so twice) to point towards various encouraging developments on the pelletising fronts. Developments that, for whatever reason, "aren't yet RNS-able."

MM's /any board poster's 'target market' is likely to be the 'already convinced', who have bought shares. So, what's the purpose in 'leaking' (ahead of an RNS) otherwise undisclosed, potentially price-sensitive information to them/us/you/me ? ...we're ALREADY holders, (supposedly! ;->).

Either the 'direct messaging ' isn't true (in which case, to what end? Keep folk 'on board' and discouraging temptation to sell, because...) or it IS true (ditto! because , well, it IS true..and there's a pot of gold at the end of the rainbow. I.e. some kind person is looking after the long-suffering LTH).

So maybe there are two camps in ZIOC management : (1) one following corporate ethics : ease out the regular PI's to the benefit of big players/Strategics/Shard ? and (2) one (camp, maybe more than one person) who has our (legitimate) interests as shareholders in mind?

That's the only explanation I have for the 'mixed messaging' we're getting : anodyne comments/statements of the bleedin' obvious on twitter (to a small, maybe non-existent) audience......and potential disclosure of 'market-sensitive' info through irregular channels to the (also) select few.

What have we done - other than buy shares, of course - to deserve this special treatment ?

I'm a holder and as keen on a successful denouement as the next PI, this mixed messaging from ZIOC is very confusing for me. Esp as the overall newsflow (macro and specific) seems generally positive.

Anything that explains/reconciles the 2 x positions would be gratefully received.

GLA

Esp given subsequent developments, both procedural (Mining Convention, ESAI, MoUs re port, hydro, power + (shortly, we hope) EPC) and commercial eg emerging premium for green ore, combined with latest 'Pilbara rust' developments....

Agst which there's the uncertain macro environment (which could be +ve or -ve)....and Big Den is 15 years older, with elections due in a year, for which he's technically ineligible....

Let's see how Q2 pans out!

GLA

In the 2019 BSL accounts, you'll see a note (Other creditors'), showing outstandings of £277,812, secured by a charge in favour of Paul Daniel...

QED!

ATB

The Argus thesis about Rio's Pilbara Fines grade :

.."One mainstay Australian product, Rio Tinto’s flagship Pilbara Blend Fines (PBF), sustained quality close to the 62pc Fe index through strategic blending from multiple mines. But at a cost — maintaining a consistent blend from increasingly degraded ore bodies meant a reduction in volume. This led to a dramatic plunge in the availability of spot PBF that helps determine index prices (see chart).

To bolster availability, Rio Tinto lowered the typical grade of the blend for July loadings onwards. The first cargo of PBF with a new specification of 60.8pc Fe was sold on the spot market on 13 May. The grade change should increase [new]"PBF" volumes. But given the scale of PBF production and the role that it plays as a base-load product, it will also shift the centre of gravity of the iron ore market. The change in blend crystalises the gulf between the products trading and the indexes that they price against.

Not only do ALL mainstream Australian fines now sit below index specification, but the “anchor” around which products relativities sit has moved.

PUT SIMPLY, THE 62PC BENCHMARK NOW REPRESENTS A SPECIFICATION THAT NO LONGER EXISTS...."

Copilot (when prompted) adds : This shift in Pilbara Blend Fines (PBF) is very much like what happened with West Texas Intermediate (WTI) crude. When production changes made the original WTI benchmark less representative, adjustments had to be made to redefine the standard.

Similarly, with Rio Tinto lowering PBF’s iron content to 60.8% Fe, the previous 62% Fe benchmark no longer reflects mainstream Australian fines. This forces a recalibration—just like how crude oil benchmarks evolved when lighter shale oils surged in production and altered the traditional WTI blend.

These kinds of moves fundamentally reshape pricing mechanisms, and in the case of iron ore impact cost structures for steel mills relying on consistent grades. It’s a strategic trade-off: increasing available volumes at the cost of quality, with broader market consequences.

The iron ore market, much like crude oil, relies heavily on standardized benchmarks to facilitate derivatives trading, hedging strategies, and overall price discovery. Without a stable specification, financial instruments tied to iron ore could lose credibility, disrupting liquidity and confidence in the market.

The forced adaptation to the realities of ore degradation ensures that Pilbara Blend Fines (PBF) maintains its role as a reference grade, even if the quality has shifted downward. Traders and steelmakers must now recalibrate their models, possibly leading to new arbitrage opportunities as they adjust relative pricing and premium structures.

If historical patterns hold, further tweaks may come over time, as market participants refine their adjustments....

GLA

CEO Stausholm is on the way out, see

https://www.mining.com/web/rio-tinto-board-looks-for-a-new-ceo-who-knows-mining-better/

One of the contenders is Simon Trott, CE of Rio's iron ore division. He seems to be 'relaxed' about the Pilbara rust issue and disputed Forrest's assertions...and is upbeat about overall future demand :

https://www.mining.com/web/rio-tinto-defends-pilbara-after-forrest-voices-wasteland-fears/

.."Every year, people talk about the demise of iron ore and yet here we are,” Trott said in a panel discussion at the conference. “There are periods of time people say that the Pilbara is going to fall off a cliff or come to an end. Each time the industry has responded to what the market needed.”

[Ed.: This doesn't square AFAICS with the Argus PBF index 'tweak' story..... AND Rio's own actions in contributing to the new, revised metric]

Trott also allayed worries about global steel demand, saying the world will need MORE steel in the next 20 years than it did during the past 30 years. However, he did acknowledge China’s incredible growth boom in the last two decades was unlikely to be repeated..."

GLA

Meanwhile, FMG's prospects of a 'hail Mary' pass at Belinga appear to be on the wane, as Nguema follows a common African playbook :

Africa Intelligence

Brice Clotaire Oligui Nguema eyes gas and oil sector

Gabonese President Brice Clotaire Oligui Nguema in Libreville on 29 March 2025. © Nao Mukadi / AFP

The presentation of the new government once again demonstrates the president's desire to manage the extractive sector himself, alongside some of his advisers and close associates. [...]

GLA

ZIOC s/p has been higher post vesting ( Nov 2024) - it prev peaked at ca.11p on Jan 7 and reached 10.2p on Mar 3 , which would have set a higher base price going forward - but both were arguably closed periods, around 'nothingburger' events , as the subsequent shareprice decline shows.

With a content-rich stream of newsflow now 'imminent', let's see if 'this time it's different'. With his rather self-congratulatory linked-in appraisal, MK has either rashly given a hostage to fortune or is supremely confident about ZIOC's prospects.

On verra. Bonne chance !

GLA

PPS

With an interesting bit of circularity, BSL's .."Toru Kojima , coyly described as 'Observer' in BSL's team since 2022, was .."President and Managing Director of Mitsui Iron Ore Development Pty Ltd in Perth, Western Australia..."

which apparently looks after Mitsui's interests in its JVs with BHP and Rio Tinto, covering precisely the eponymous oregrades mentioned in the Argus report : BHP's Jimblebar and Mount Newman projects (Mitsui 7pct and 10pct interest, respectively)

https://www.mitsui.com/au/en/group/1226100_9223.html

and Rio Tinto's Pilbara projects at Robe River / West Angelas (Mitsui interest 33 pct/Nippon Steel 14pct) respectively.

https://www.mitsui.com/au/en/group/1228703_9223.html

A decade after its spin-off of South 32 and effectively turning its back on Africa, perhaps even BHP might now - with the Pilbara rust issue on its doorstep - be willing to throw its hat back in the (Zanaga) ring?

See https://miningindaba.com/articles/future-proofing-african-mining-bhps-strategy

.."The African Mining Renaissance

A significant theme discussed was the renaissance of the South African mining sector, post-election, and the broader optimism surrounding Africa's potential. Catherine highlighted the need for a robust exploration ecosystem, regulatory certainty, and infrastructure development, all crucial to unlocking Africa's vast mineral wealth.

Africa's Resounding Voice in the Industry

There's a growing confidence within the African mining industry, with the continent increasingly taking control of its destiny. This shift is seen in Africa's prominent role in discussions on critical minerals and its ability to navigate the geopolitical landscape..."

'You've got to start with the rocks...'

GLA

Hi MM,

In case not done, it's worth (IMO) downloading the full paper - only 2 pages, but quite insightful.

Snippets:

-Rio's Pilbara fines : Sept 2017 61.8 > April 2025 60.8;

-BHP's Newman fines : Sept 2017 63.0> April 2025 61.7;

-BHP's MAC fines : Sept 2017 60.9> April 2025 60.5;

-BHP's Jimblebar fines : Sept 2017 61.5 > April 2017 60.5; and

- BRAZILIAN MINES HAVE ALSO FACED GRADE DECLINE.

Rio sustained quality close to PBF by blending from multiple mines, but maintaining consistency resulted in a dramatic plunge in the availability of spot PBF: transactions recorded in 2018 = 250+, 2024 = 100+, annualised 2025 = 35 approx.

All Australian main fines now sit below index specs AND the 'anchor' around which product relativities sits has also moved.

Establishing differentials becomes increasingly difficult when the baseline against which they're set are a moveable feast.

Apart from the underlying physical market, there are trading platforms and price reporting agencies...and beyond them the speculative 'paper' community. Financial futures may be many multiples of the physical market but must eventually reconcile with it through either physical delivery or settlement against a physical index.....

It's obviously a particular 'hot' issue where the current spec is embedded in long-term contracts. Argus's interim 'fix' - if you can't raise the bridge, lower the river' - is to introduce an alternative reference rate, not only somewhat lower FE (62 > 61) but with higher impurities (Silica 3.75% > 4.30%; Alumina 2.25% > 2.50%).....

All a bit desperate, rather like 'grade inflation' at A-levels ;-<

Should stand ZIOC in good stead, however, IF it can deliver.

GLA