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Hi Jiving,

My understanding is/was (pls correct!) that ZIOC's plan is to extract HEMATITE in its initial phase.

We're told that .."the Stage One pellet feed product has an iron grade of 66% Fe, similar to Brazilian supply, with low impurities (silica at 3.0%, alumina at 0.8%, and phosphorus at 0.04%)"

That's taken from https://www.zanagairon.com/project/strengths-of-the-zanaga-project/

Magnetite AIUI only/mainly kicks in for Phase 2. And the INITIAL claimed impurities (hematite, at total 3.84%) appear to be lower than what you're quoting for the later magnetite ('total 6.9% (of which Silica and Alumina are in total 5.9%').

And both are significantly higher than the impurity levels claimed for KDNC...?

I'd ask AT for clarification, but he's non-responsive (to me at least) these days.

ATB

More detail on KDNC/PSEI results here

https://www.lse.co.uk/rns/KDNC/amapa-iron-ore-project-update-g3qmnqss1592a22.html

ATB

MM on t'other board has drawn attention to an overlooked 'tweak' to ZIOC's ore quality, reported here :

https://im-mining.com/2018/08/07/zanaga-iron-ores-cold-pelletising-plan-progresses/

.."Results from previous test work indicated a simple gravity based processing of the friable-enriched, hematite-dominated, near-surface Zanaga iron ore can produce a pellet feed concentrate grading 67.4% iron, combined silica plus alumina of 5.9%, and 0.03% phosphorus.

Zanaga then sent two 20 kg samples of Zanaga cold pellets from this work to a European steel mill and an accredited European laboratory servicing the steel industry, with positive results coming back..."

AFAICS, there's been no further elaboration on what these positive results were.

Fast forward to Nov 2024, and there's this report - on another beneficiation outcome - that involves our EPC contractor (so far not 'outed'), PSEI:

https://www.branduk.net/cadence-minerals-kdnc-amapa-iron-ore-project-confirms-ability-to-produce-67-fe-high-purity-direct-reduction-iron-concentrates/

.."Metallurgical Test Work Programme

Cadence previously announced that Amapá had developed a process flow sheet for producing Direct Reduction (“DR grade”) concentrates with combined SiO2 (“silica”) and Al2O3 (“alumina”) levels below the steel industry’s DR grade standard of 2.5%. The initial results from the test work program have validated the Project’s process flowsheet’s ability to produce DR-grade concentrates.

The test results produced a weighted average final product with a concentrate grade of 67.5% Fe and impurity levels of 0.6% SiO2and 0.8% Al2O3. Furthermore, the iron concentrate grade is expected to be higher and exceed 68% Fe by appropriately adjusting the flotation reagent process parameters.

Pei Si Engineering Incorporated (“PSEI”) conducted the test work and designed the flow sheet. The primary section of the flow sheet, which aims to upgrade the 65% product to 67%, involves regrinding, magnetic separation, and flotation. The test work was carried out on a +65% iron ore concentrate produced from the Amapá Project..."

Note the impurity levels achieved, which appear to be off the charts (technical term).

For the technically-minded, more detail here :

https://www.lse.co.uk/rns/KDNC/amapa-iron-ore-project-update-g3qmnqss1592a22.html

With identity of Project's EPC contractor due as first Q2 'high value impact' item, it'll be interesting to see how/whether ZIOC reports on this potential step-change.

GLA and ATB

PSEI joined BSL as 10% shareholder in Feb 2022.

Doh!

.."fellow BSL shareholder's work for Cadence..."

should read

.."fellow BSL shareholder PSEI 's work for Cadence..."

ATB

Oh, look!

From Nov 2024 :PSEI credited with the qualitative upgrade....

https://www.branduk.net/cadence-minerals-kdnc-amapa-iron-ore-project-confirms-ability-to-produce-67-fe-high-purity-direct-reduction-iron-concentrates/

.."Metallurgical Test Work Programme

Cadence previously announced that Amapá had developed a process flow sheet for producing Direct Reduction (“DR grade”) concentrates with combined SiO2 (“silica”) and Al2O3 (“alumina”) levels below the steel industry’s DR grade standard of 2.5%. The initial results from the test work program have validated the Project’s process flowsheet’s ability to produce DR-grade concentrates.

The test results produced a weighted average final product with a concentrate grade of 67.5% Fe and impurity levels of 0.6% SiO2and 0.8% Al2O3. Furthermore, the iron concentrate grade is expected to be higher and exceed 68% Fe by appropriately adjusting the flotation reagent process parameters.

Pei Si Engineering Incorporated (“PSEI”) conducted the test work and designed the flow sheet. The primary section of the flow sheet, which aims to upgrade the 65% product to 67%, involves regrinding, magnetic separation, and flotation. The test work was carried out on a +65% iron ore concentrate produced from the Amapá Project...."

GLEN might have been aware (via Champion) of anything BSL was doing, but wouldn't necessarily know of (or have been told about) fellow BSL shareholder's work for Cadence.

And - cynical hat on - maybe PSEI's stake in BSL gave them an opportunity either for IP 'piracy' or a clue as to how to 'tweak' their 'own' process?

It'll be interesting to see whether / how ZIOC handles this apparently material development...

...esp as PSEI is due to be 'outed' as EPC contractor 'imminently (=Q2, item 1).

GLA and ATB

The RNS 29 Jun 2018 has a brief mention.

That may be Futsal's link.

Cheers both

Hi MM,

Thanks for this.

The link provided to the ZIOC source doesn't work for me , could you pls check.

TIA

Meanwhile, Fortescue's results continue to evidence the predicament FMG is in :

Of its 46.3m tonnes hematite mined in Q1 2025, average realised price was $ 87.41. This is = to 84% of the average Platts 62% Fe that was priced at $ 103.64.

Its miniscule IronBridge contribution of 1.5 m tonnes, by contrast contributed $117 per tonne.

That was exactly the price of 65% Fe ($116.88) and 113% of the price of 62% Fe .....

That's a lorra blending that FMG needs to do to get up to 'scratch' 62% overall.....

Re Belinga, the report says only that 'exploration continues, with 4 rigs'.

GLA

Fortescue's results continue to evidence the predicament FMG is in :

Of its 46.3m tonnes hematite mined in Q1 2025, average realised price was $ 87.41. This is = to 84% of the average Platts 62% Fe that was priced at $ 103.64.

Its miniscule IronBridge contribution of 1.5 m tonnes, by contrast contributed $117 per tonne.

That was exactly the price of 65% Fe ($116.88) and 113% of the price of 62% Fe .....

That's a lorra blending that FMG needs to do to get up to 'scratch' 62% overall.....

Re Belinga, the report says only that 'exploration continues, with 4 rigs'.

GLA

Big Den's going.

The newly elected (94.85%) President's swearing-in on May 3rd is -in a departure from the formal past - at the Sino-Gabonese cooperation stadium in Angondjé, in front of the Gabonese people.

https://relaisinfosgabon.com/politique/investiture-de-brice-oligui-nguema-libreville-au-centre-dun-bal-diplomatique-inedit/

Meanwhile, here's some more of the backstory re Belinga :

https://relaisinfosgabon.com/politique/fer-de-belinga-brice-oligui-nguema-engage-une-renegociation-vigoureuse-du-contrat/

with allegations of various 'serious' irregularities :

.."The contract signed between the ousted regime and the Ivindo Iron company is marred by flagrant irregularities. It appears that the mining code in force in Gabon has not been respected in this agreement. .... Below, the various anomalies noted by our colleague from Gabonreview.

Procedures for granting the operating permit apparently circumvented:.......

Spoliation of the rights of other mining operators: .........

Abnormally low mining royalty rate: ..........

Profitability conditions excessively favorable to the investor: .....

I wonder if anyone from Fortescue or Equitane will be invited to or attending the ceremony?

GLA

Note also Phase 1 seems to have been upped by 10% to 13.2m tpa.

Zanaga Iron Ore

@Zanaga_Iron_Ore

1h

The Zanaga Iron Ore Project will be developed in stages to enhance deliverability and project economics and reduce technical risks and initial capital requirements. In the first five years, a production rate of 13.2Mtpa will be targeted, with expansion potential to 30Mtpa in Stage 2, which has the potential to be self-financing. Across all phases, bottom quartile operating costs are thought to be possible."

Not the sort of 'plug' - now the 4th or 5th in the series ? - you'd expect from anybody planning to stiff the PI's, I would suggest.

Ph 1 now 13.2mtpa targeted, it would seem.

ATB

Latest tweet :

Zanaga Iron Ore

@Zanaga_Iron_Ore

·

1h

The Zanaga Iron Ore Project will be developed in stages to enhance deliverability and project economics and reduce technical risks and initial capital requirements. In the first five years, a production rate of 13.2Mtpa will be targeted, with expansion potential to 30Mtpa in Stage 2, which has the potential to be self-financing. Across all phases, bottom quartile operating costs are thought to be possible."

Not the sort of 'plug' - now the 4th or 5th in the series ? - you'd expect from anybody planning to stiff the PI's, I would suggest.

GLA

Hi Mitch 984

...."For example, if a majority group of Zioc shareholders .."

AFAIAA, it's not a simple majority that's needed, but 75% +....and I think we're /they're (if there is a 'they') some way away from that.

And -as others have pointed out - playing cute with the rules and 'gaming the system' in some way runs counter to the recent publicising of all the 'hidden value' in the Project....

ATB

Telling the world and his wife what they think it's worth would be a curiously 'un-cunning' plan (copyright Baldrick) if that were the intention, I think.

ATB

On advfn there's chat around an instagram post from Bakamla - in bahasa- referring to NMSS, so maybe the fat lady's nearly finished gargling.

I'm halfway through a bed 'n isa, so would ask folk to ignore this until tomorrow mid-morning.

TIA!

Per depeches, recent forum highlights limited effectiveness of Public Private Partnerships in Africa, with the lion's share taken by 5 out of 54 countries, for the following main reasons:

.."For the other forty-nine African countries, the WB identifies four major obstacles holding back the development of PPPs: unsuitable /inadequate legal frameworks, critical institutional gaps, political and macroeconomic risks, and an unprofitable market.

.... if Egypt, Ghana, Morocco, Nigeria and South Africa dominate PPPs, their success is based on a mix of policy, tools and economic pragmatism.

For the others, success is still a relatively long way off but not insurmountable. With the annual deficit in road infrastructure alone in Africa 100 billion dollars, PPPs

are not so much an alternative as a vital necessity for economic survival."

Hope Little Den is taking notes.

GLA

Followed by this - somewhat different - perspective : Big Den's 3 Basin initiative adopted by the UN

Council of Ministers report, per depeches.

"...In the course of 2024, our country included on the agenda of the 79th session of the United Nations General Assembly a draft resolution to establish an African and World Decade of Afforestation and reforestation.

This recommendation came out of the first international conference on afforestation and reforestation, held in Brazzaville from 2 to 5 July 2024, under the auspices of His Excellency Denis Sassou N'Guesso, President of the Republic, Head of State.

This diplomatic initiative was a continuation of the forward-looking vision of President Denis Sassou N'Guesso, who has been positioning the Congo for forty years as a major player in forest governance.

Concerned about the persistent economic imbalances threatening the planet, the Head of State has placed afforestation, reforestation and, more generally climate change issues at the centre of international concerns. A sustained and advocacy campaign, backed up by active diplomacy and masterfully by the President of the Republic, both among his peers and at major international events such as COP29, the BRICS summit, as well as through various diplomatic and informal contacts with members of the government.

On Wednesday 16 April 2025, the 79th session of the United Nations General Assembly voted on the resolution tabled at the initiative of our country establishing the United Nations Decade for Afforestation and Reforestation, this resolution being approved by 155 States.

This almost unanimous vote endorsed the vision of President Denis Sassou N'Guesso's and marks an historic sign of the relevance, consistency and impact of his international action.

The Council of Ministers welcomed this major diplomatic victory for our country. On behalf of the members of the government, the Prime Minister, warmly congratulated his Excellency the Excellency the President of the Republic for the realisation of his constant vision, centred in particular on his attachment to the tree, a vision embodied by the establishment of a National Tree Day at a time when environmental and ecological issues were not

high on the agenda.

The Council of Ministers is therefore pleased to note that the Congo's message has been endorsed by the whole world.

It is clear that our people must be aware of the honour thus bestowed on our country; this diplomatic distinction entails duties of good citizenship on the part of our compatriots,

particularly with regard to the preservation of forest conservation, environmental protection and biodiversity...."

An interesting example of 'illusion vs reality'.

ATB

'Everyone's entitled to their views'.

Of course they are.

The boards are or should be about rational argument and exchange of opinions.

You made an assertion/ insinuation, I provided an alternative interpretation.

As to less is more, you've posted abt 1000 times in 18 months, I've posted about 8000 times in 9 years, or roughly 650 posts pa vs 900 or so.

So, not that different, in fact. And mine include some duplication because of the unfortunate 2 ZIOC board set-up, with worthwhile counterparts on each.

As to content, I aspire to the Motley Fool guideline ' to entertain; to educate; and to enrich', I think any reasonable judge would accept that my posts usually tick one or more of those boxes.

HTH