Member Info for extrader

He's set out his stall, on linked in :

.."At Zanaga Iron Ore Company, our mission is to establish the Zanaga Project as Africa's most respected iron ore venture, with a focus on safe, sustainable, productive and profitable operations, recognised by our Republic of Congo community as a respected partner.

My leadership is defined by a commitment to stakeholder engagement, project delivery and operational excellence, which is evidenced by the project's rapid advancement under my guidance.

The competencies refined through my strategic and tactical operational leadership are now channeled into transforming Zanaga into a source of high grade iron ore for low carbon steel production. With fluency in multiple languages and a background in applying pragmatic mining intelligence, navigating the complexities of international project development and cross-cultural teams building is a joy....."

Time to start delivering on those lofty ambitions!

GLA

He's set out his stall, on linked in :

.."At Zanaga Iron Ore Company, our mission is to establish the Zanaga Project as Africa's most respected iron ore venture, with a focus on safe, sustainable, productive and profitable operations, recognised by our Republic of Congo community as a respected partner.

My leadership is defined by a commitment to stakeholder engagement, project delivery and operational excellence, which is evidenced by the project's rapid advancement under my guidance.

The competencies refined through my strategic and tactical operational leadership are now channeled into transforming Zanaga into a source of high grade iron ore for low carbon steel production. With fluency in multiple languages and a background in applying pragmatic mining intelligence, navigating the complexities of international project development and cross-cultural teams building is a joy....."

Time to start delivering on those ambitious goals.

GLA.

PS

Paul Daniel appears to be the lead at this place

https://www.efpcapital.com/team/

Bart Homan being a fellow chargor.

I take it that the 'coded reference ' is to Graymont's extra $1.5m mentioned in the 3 March RNS .."this additional funding would secure its ability to progress a number of key metallurgical testwork initiatives with the potential to provide significant upside value, as well as accelerating its ability to secure key technical personnel required for the pre-construction engineering phase (FEED)..." and confirmed in the 26 March 2025 RNS.

The 'contemporaneous event' would appear to be the satisfaction on 25 March of a charge held by a Paul Daniel over

.."All the freehold and leasehold property of the chargor. All patents, patent applications, trade marks, trade mark applications, trading names, brand names, service marks, copyrights, rights in the nature of copyright, moral rights, inventions, design rights, registered designs, all trade secrets and know-how, computer rights, programmes, systems, tapes, disks, software, all applications for registration of any of them and other intellectual property rights held or to be held by the chargor or in which it may have an interest and the benefit of all present and future agreements relating to the use of or licensing or exploitation of any such rights (owned by the chargor or others) and all present and future fees, royalties or similar income derived from or incidental to any of the foregoing in any part of the world...."

Edward Jack of Audley Capital was appointed 6 March 2025 in stead of Julian Treger, also of Audley Capital, the latter was believed (by me at least) to be a likely proxy for BSL's largest shareholder Concord Atlantic, which on the face of it has otherwise no Board representation.

The other, maybe coincidental move around that time is appointment of Jonathan Stewart as CEO on 10 March 2025, he comes from Primetals Technologies , see

https://www.primetals.com/about-us/who-we-are

owned by Mitsubishi Heavy Industries/Mitsui, the latter a shareholder and early investor in BSL whose Toru Kojima , coyly described as 'Observer' in BSL's team is .."President and Managing Director of Mitsui Iron Ore Development Pty Ltd in Perth, Western Australia..."

Let's see if there's any 'fire' behind any of these 'smoking' guns...

ATB

Hi MM,

The latest presentations and RNS's refer AFAICS only to pellets and pelletisation facilities.

Has ZIOC specifically mentioned 'cold bonded'? If so, where, pls....I agree that is/would be a comment-worthy development (esp given that first 'deliverable' per the advised timeline is 'EPC MoU' which should confirm PSEI and access (for a fee?) to whatever 'proprietary' pelletisation technology it has or is developing.

Our friends at BSL have been making progress in this regard,see

https://www.bindingsolutions.uk/2025/05/hes-international-and-binding-solutions-sign-a-mou-to-assess-potential-for-iron-ore-cold-pelletising-plant-at-hes-bulk-terminal-rotterdam-hbtr/

and of course PSEI has a 10% shareholding in BSL....

Have you spotted an explicitly smoking gun somewhere?

Cheers

Another zinger.

.."Zanaga Iron Ore

@Zanaga_Iron_Ore

·

6h

#ZIOC is listed on London's Alternative Investment Market (AIM), which connects growing companies to global institutional and retail investors.

You can view Zanaga's @LSEplc page here ➡️ https://londonstockexchange.com/stock/ZIOC/zanaga-iron-ore-company-limited/company-page..."

Err, that's it.

Ho hum.

Hi Glenmorangie,

Thanks for this reminder !

Add (actually listed as first item in timeline)

- EPC MoU (which MIGHT be the long-awaited aha! moment); and

- Annual results (by 30 June)...with the more interesting post December developments update.

ATB

..."to create a regional export and import network.

It is planned that the Liberty Corridor will be similar in structure to the Lobito Corridor connecting Zambia and the Democratic Republic of Congo through a shared rail and transportation link to the port of Lobito in Angola. That project is being built with significant financial support from the US, the European Union and highly regarded international investors. Like the proposed Liberty Corridor that would link Guinea and Liberia, such projects support multiple African nations by unlocking regional economic potential..."

The Trump administration issued its endorsement of the deal .

.."Mr. Massad Boulos, Senior State Department Advisor on Africa has confirmed the United States Government’s official position:“Reliable infrastructure is key to sustainable development. In Liberia, President Boakai is making progress in establishing a multi-user railway managed by an independent operator which will create new economic opportunities for Liberia’s people and attract U.S. investors. The U.S. endorses his initiative and urges all parties involved to make a deal quickly.”

Ivanhoe Atlantic concluded negotiations with the Government of Liberia on its formal concession and rail access agreement (“the Agreement”) on 18 April 2025.

Michael (Massad) Boulos is Tiffany Trump's husband, making him Donald Trump's son-in-law. Tiffany Trump, the daughter of Donald Trump and Marla Maples, married Boulos in November 2022 at Mar-a-Lago. The couple recently welcomed their first child, Alexander Trump Boulos, on May 15, 2025..."

Ah! the art of the deal...

GLA

Friedland appears to be making the public case for a deal already 'in the works' : The US is backing a 'Liberty Corridor rail project' - no, really - to solve the logistics issues for Ivanhoe Atlantic's Kon Kweni and Nimba mines, which lie to the east of Simandou....and will be allowed to export via the much shorter/sensible Buchanan railway line in Liberia.

I can't readily find specifics re Nimba, but Kon Kweni has.."a total resource of 751.9 million tonnes of Direct Ship Ore (DSO), including 209 million tonnes of high-grade ore at 67.8% Fe.."

https://ivanhoeatlantic.com/guinea/

The hitherto privately operated (for Indian owners?) Buchanan railway line is being converted into a multi-user facility that Ivanhoe Atlantic can access, see

https://ivanhoeatlantic.com/ivanhoe-atlantic-welcomes-us-government-support-for-liberian-multi-user-rail/

.."The anticipated fiscal package for Liberia over 25 years includes US$1.4 billion in rail user fees for haulage of iron ore through Liberia, a projected US$600 million other taxes and fees, US$175 million for communities in three of Liberia’s counties impacted by the significant increase in rail activity and approximately US$900 million in infrastructure works on roads, rail, port and other facilities. This scale of investment is expected to generate upwards of 500 direct employment opportunities in the operations and up to 3,000 indirect roles with many more during the construction. In addition, multiple local downstream economic opportunities are expected for suppliers of goods and services.

Ivanhoe Atlantic has agreed to pay US$35 million to the Government of Liberia in budget support including financial support for the formation of the National Rail Authority. This is in addition to US$37 million already paid to Liberia by Ivanhoe Atlantic under the 2022 Framework Agreement.

Expansion of Existing Multi-User Rail and The Liberty Corridor

This... multi-user, independently operated rail and port infrastructure, creates a framework for the expansion of the existing infrastructure to a world class, shared user infrastructure corridor. ...future evaluation studies are planned to assess an upside case to dual track existing rail with a brand-new rail line for possible product export via a new port. In addition, an extension of the existing hydropower network from Côte d’Ivoire into the Nimba regions of Liberia and Guinea, an upgrade of existing road networks to all-weather roads and the implementation of fibre optic telecommunication cables connecting Liberia to the Nimba region are all being considered as part of the Liberty Corridor Project. The vision for the Liberty Corridor is to support the development of currently stranded assets to unlock the regions mineral wealth and bring multifaceted development benefits to West Africa including the potential to attract further users from Guinea, Cote d’Ivoire and other neighbouring countries to create a regional export and import networ

Hi alwayshoping

.." [FMG/Forrest] ...could have gone straight to zioc after that [Simandou bid] and offered them half that amount and elphick would have probably snapped that up there and then.

Except that if you look at the timeline, it's at least possible they either (a) DID make a tentative approach - and were rejected by GLEN or (b) DIDN'T bother making an approach at all, precisely because of GLEN.

-Oct 2019 : FMG bids USD 9Bn for Sim 1+2, no commitment re logistics (railway/port) Capex;

-Nov 2019 : SMB + Winning awarded, supposedly for USD 14 Bn;

-Dec 2021 : FMG gets exclusivity period for Gabon / Belinga

-Aug 2022 : FMG > Ivindo and signs explo convention;

-Dec 2022 : FMG begins explo and development.

The 'Elphick team' acquisition of GLEN's (blocking) stake/influence was announced late Nov 2022.

So the fact that 'nothing RNSable happened' post Simandou doesn't tell us anything about FMG's possible current interest (esp the various direct and indirect and macro developments since, INCLUDING the removal of GLEN's perhaps baleful influence).

What puzzles me ATM is why Fortescue is highlighting the Pilbara rust problem now, when his on-the -record solution for the last couple of years (admixture with Belinga) appears to have been derailed by the Gabonese Govt's Mayumba re-routing demand.

And now (hat tip MM) he's saying that the industry faces .".a future that may or may not include Western Australia. China will base its green steel industry on other ores that are specific to Brazil OR AFRICA but not specific to our lower grades.”

Rio acknowledges it has Pilbara issues (again, hat-tip to MM), but maybe sees these as short-term, with Simandou coming onstream in due course and enabling another - its own - 'admixture' solution.

I can see why Rio might make the Forrest comments (esp for regulatory/market mis-representation reasons): - "here's a problem...but here's the solution (Simandou)", I don't understand why Forrest would voluntarily highlight a problem (for him/his shareholders), without having a solution at the ready.

On the face of it, Forrest must think either that the Belinga impasse will be resolved soon - and favourably - or FMG will find another high-grade ore solution.

Forrest is supposedly adept at squeezing concessions, subsidies etc from the (W) Australian government, I wonder whether that's somehow a factor?

At any rate, I for one am struggling to understand his thinking. It seems to be a 'Gerald Ratner' moment.

ATB

This commentator seems to agree

https://www.sqcresearch.com/post/srt-marine-systems-after-hitting-all-time-67p-high-the-group-s-shares-have-eased-back-on-slight-p

NAI, DYOR, etc etc

And today there's this

.."US offers reward for info on Hezbollah in three Latin American countries.."

The 'Lebanese/Palestinian Mafia' is all over Africa, as well, I wonder whether that's why Big Den's nephew Rodrigue (also his rep in DRC, reportedly) was invited to the US.....

See, I can 'join dots' too!

;->

GLA

From Semafor Africa

.."A leading pan-African industrial park developer is betting that uncertainty around global trade will drive Nigeria to support local manufacturers to tap into “massive” local consumption. Arise Integrated Industrial Platforms has committed to investing $400 million in the development of a site in southwestern Ogun state, which borders commercial hub Lagos.

Arise’s CEO Gagan Gupta, speaking to reporters on the sidelines of last week’s Africa CEO Forum, said the site — which will host several industries, including one of the world’s largest textile manufacturing plants — will be operational by July. “Nigeria will be a domestic play with a lot of import-replacement opportunities,” he said.

The volatility caused by erratic US trade policies encourages African countries to put “national interest first,” said Gupta, stressing the opportunity offered by targeting locals in a market of 220 million people. The Indian entrepreneur cited the Nigeria First policy unveiled this month as an example of an African government focusing on manufacturing, rather than imports and exports, amid changing global trade patterns...."

GLA

From Semafor Africa :

..."A leading pan-African industrial park developer is betting that uncertainty around global trade will drive Nigeria to support local manufacturers to tap into “massive” local consumption. Arise Integrated Industrial Platforms has committed to investing $400 million in the development of a site in southwestern Ogun state, which borders commercial hub Lagos.

Arise’s CEO Gagan Gupta, speaking to reporters on the sidelines of last week’s Africa CEO Forum, said the site — which will host several industries, including one of the world’s largest textile manufacturing plants — will be operational by July. “Nigeria will be a domestic play with a lot of import-replacement opportunities,” he said.

The volatility caused by erratic US trade policies encourages African countries to put “national interest first,” said Gupta, stressing the opportunity offered by targeting locals in a market of 220 million people. The Indian entrepreneur cited the Nigeria First policy unveiled this month as an example of an African government focusing on manufacturing, rather than imports and exports, amid changing global trade patterns...."

GLA

But wait! there's more...

.."Argentina: President Javier Milei’s La Libertad Avanza (LLA) party converted the Buenos Aires City mid-term into a referendum on his economic programme, taking more than 30% of the vote and relegating Kirchnerism (27%) and former president Mauricio Macri’s PRO (16%) parties to second and third place on a low 53% turnout.

The upset confirms LLA’s urban advance—also visible in Salta and Chubut—and deepens the Milei-versus-Kirchnerism polarisation that is squeezing out traditional third forces.

Talks on an LLA–PRO pact for September’s Buenos Aires Province vote are intensifying. Registering such an alliance in July would likely steady the peso and improve the odds of a market-friendly outcome in both the provincial contest and October’s national mid-terms.

The political tail-wind was echoed by Fitch’s upgrade of Argentina’s sovereign rating to CCC +, a small but telling vote of investor confidence...."

GLA

Little Den's getting married to a Ziroise in Dubai and ditching his Gabonese wife (maybe not in that order) and a junior Nguesso

meeting a US National Security advisor to talk about Hizbollah financing (per Africa Intelligence) piqued my curiosity - esp as the Yank got a medal a while back for rescuing Captain (Tom Hanks) Phillips - were both mildly interesting , but I (for one) obviously missed the big story.

ATB

You've missed my point elsewhere re expropriation, beardozer :

- Guinea isn't a million miles from C-B, but still approx 1, 900 or equiv to Algeria's distance from the UK.

- the risk/ reality of expropriation is an argument FOR diversification into other African countries, notably C-B, which has already tried expropriation (Equatorial and Sundance) and is losing (badly) in the courts.

MM comes up with good stuff, occasionally it's not up to its advance billing. It's rarely 'content free', though, Imo.

Which is better than some/ lots....again also IMO.

HTH

Depeches report

TRANSPARENCY

‘Publish What You Pay’ (PWYP)deplores the non-implementation of certain projects

On 13 May PWYP presented its report on FYE 2023

PWYP presented a gloomy picture of the implementation of projects already financed by the Ministries of Health and Population (MoH), and Energy and Water (MEW).

The document compares expenditure and achievements in various parts of the country.

The PWYP Congo teams monitored 179 projects worth an estimated 74 billion CFA francs, as indicated in the 2023 finance law. Of this, 52 billion CFA for the MoH and 22,5 billion CFA for the MEW. PWYP wonders where the billions earmarked in the

the budgets of these Ministries have gone.

‘This study shows a contrast between the funds earmarked and the actual investment on the ground. Indeed,

of the 179 projects monitored, barely 9% have been completed and are operational. This is the case for the wastewater treatment plant at Brazzaville University Hospital and the acquisition of equipment for the health districts in the Sangha. In the energy and water sector, the report mentions the rehabilitation of the offices and modernisation of

parking areas of the MEW.

PWYP Congo has also found that 4% of projects have been completed but are not yet operational, 7% are in progress, and 3% are executed outside their budget year’. However, the study identifies 68% of projects as 'not started', even though they were included in the 2023 investment budget.

It is particularly difficult to accept the difficulties encountered by communities in terms of effective access to health care,

water and electricity, when decision-makers fail in their duty of accountability and billions and billions of CFA francs are unaccounted for.

We hear about the economic crisis that began since 2014, but why initiate a lot of projects if you are incapable of executing them ? Sometimes on paper, we are led to believe that the projects are being implemented, but on the ground it's the opposite,’ the PWYP laments.

The PYWP members painted an unsatisfactory picture concerning budget implementation for public interest projects.

They also deplored the fact that some projects are not being properly executed, as some managers are incapable of mastering the role and content of the projects they are leading.

PWYP is also urging Congo's banking institutions, technical and financial partners to avoid opacity, and to communicate about the projects they financing to give citizens the appropriate information to hold decision-makers to account.

PWYP-Congo is a platform of Congolese civil society organizations committed since 2002 to transparency and responsible and accountable management of public finances...."

Gives a flavour of the challenges C-B faces.

Mind you, from the headlines and occasional read of Private Eye, I wonder what the UK score-card would look like.

GLA

Depending on what's caused the 'feeling', I find it's usually a good idea to (a) lie down in a darkened room until the 'feeling' passes or (b) take some extra roughage and go for a long walk..

NAI, DYOR etc etc.

ATB one and all.

Presumably, IPO was carrying its stake in its books at the last - higher- implied valuation ($6 billion), see its recent RNS :

.."As the founding investor in Hinge Health, IP Group has a 1.8% holding in the Company, valued by IP Group at £34.2m as at 30 June 2024...",

so, if anything, based on the current valuation it ought to be looking at a write-down, no?

ATB