Member Info for extrader

Long, recent (Jan 2025) article about mining in Gabon, with specific ref to Belinga and the challenges it faces :

https://www.intellinews.com/from-oil-to-minerals-gabon-s-ambitious-mining-transition-360613/

Snippets :

.." Ogooué-Ivindo Province is home to the Belinga iron ore deposit, representing the most significant potential for the country's future in the steel industry. ...

.. among the most significant untapped high-grade reserves globally, holding over 1bn tonnes of ore with an iron concentration exceeding 60%. In February 2023, Fortescue Metals Group (FMG) initiated the deposit's development with an investment of over $200mn for early-stage activities, including exploration and infrastructure setup.

Since 2018, FMG has been assessing the deposit's potential. In 2021, its joint venture, Ivindo Iron, signed a $90mn agreement with the Gabonese government to evaluate the deposit's size, grade and transport logistics. The project reached a significant milestone in December 2023, with the export of its first iron ore cargo...

Despite challenges, including strained relations with the nation's military rulers following the August 2023 coup, FMG remains committed to Belinga, viewing it as a long-term investment with the potential to substantially contribute to Gabon's economy.....

...The military coup introduced uncertainties into Gabon's political and economic landscape. ... companies such as Eramet, a leading manganese producer, temporarily suspended operations to ensure the safety of their personnel and assets.

Despite these disruptions, the transitional government has committed to maintaining and advancing mining activities. Eramet resumed its manganese mining operations shortly after the coup, indicating a stabilisation of the operational environment.

However, challenges persist. Fortescue's Belinga project has faced delays, with reports of limited progress and strained relations with Gabon's military rulers. Operations have been paused, and workforce adjustments have been made, reflecting the complexities of operating in a post-coup environment...

...Infrastructure deficiencies further hinder the mining sector’s development. The Trans-Gabon Railway, critical for transporting manganese to the port of Owendo, frequently faces capacity constraints and maintenance issues, leading to delays and higher costs. ... inadequate energy supply in mining hubs like Haut-Ogooué Province forces companies to rely on costly off-grid solutions, limiting operational efficiency.

By addressing regulatory and infrastructure constraints and maintaining steady progress on key projects, Gabon can ensure its mining sector plays a more significant role in economic diversification. The coming months will be critical in shaping the industry’s contribution to the country’s long-term development...."

GLA

Depeches snippets :

update of sez regulations to accommodate added local value of raw minerals :

#.." the lower house of parliament also adopted the bill creating special economic zones (zes) , and determining their organisation.

this law amends and enhances the existing legal ****nal.

after analysing the legal and regulatory framework of other african countries' experience, it appears that the laws no longer corresponded to the economic reality of sezs.

‘in order to diversify their economies essentially dependent on natural resources,

several countries, including congo have created sezs with the intention of attracting direct foreign investment, diversify their economies and industrialise their country, create

added value through the transformation of raw materials inside their country of production, create jobs, promote technological innovation and the emergence of very small

small and medium-sized local businesses, improve the balance of trade, and increase

foreign exchange reserves’, the summary report concluded."

at least/last, they're talking the talk...

gla

depeches snippets :

update of sez regulations to accommodate added local value of raw minerals :

#.." the lower house of parliament also adopted the bill creating special economic zones (zes) , and determining their organisation.

this law amends and enhances the existing legal ****nal.

after analysing the legal and regulatory framework of other african countries' experience, it appears that the laws no longer corresponded to the economic reality of sezs.

‘in order to diversify their economies essentially dependent on natural resources,

several countries, including congo have created sezs with the intention of attracting direct foreign investment, diversify their economies and industrialise their country, create

added value through the transformation of raw materials inside their country of production, create jobs, promote technological innovation and the emergence of very small

small and medium-sized local businesses, improve the balance of trade, and increase

foreign exchange reserves’, the summary report concluded."

at least/last, they're talking the talk...

gla

Zanaga Iron Ore

@Zanaga_Iron_Ore ·

21h

"Every part of a wind turbine relies on #iron and #steel, with steel making up at least two thirds of the mass of a typical turbine (source: @USGS ).

A strong and reliable supply of iron ore for green steel production is required to support clean energy initiatives as the world transitions away from fossil fuels..."

This follows last week's

Zanaga Iron Ore

@Zanaga_Iron_Ore ·

Apr 8

"The world uses 20 times more iron, in the form of steel, than all other metals put together (source: @BHP ).

Iron ore is essential to all areas of modern living, from construction to transport to energy infrastructure. Zanaga is developing a globally significant deposit with high grade, low impurity iron ore..."

I'm not sure who the target readership is ...or what they're expected to (a) make of it; and (b) do?

'It's a mystery'.

GLA

Zanaga Iron Ore

@Zanaga_Iron_Ore

·

21h

"Every part of a wind turbine relies on #iron and #steel, with steel making up at least two thirds of the mass of a typical turbine (source: @USGS ).

A strong and reliable supply of iron ore for green steel production is required to support clean energy initiatives as the world transitions away from fossil fuels..."

This follows last week's

Zanaga Iron Ore

@Zanaga_Iron_Ore

·

Apr 8

"The world uses 20 times more iron, in the form of steel, than all other metals put together (source: @BHP ).

Iron ore is essential to all areas of modern living, from construction to transport to energy infrastructure. Zanaga is developing a globally significant deposit with high grade, low impurity iron ore..."

I'm not sure who the target readership is ...or what they're expected to (a) make of it; and (b) do?

'It's a mystery'.

GLA

Thanks for the overview, Jiving!

You mention Japanese interest in offtake rights and there's a view that this issue is/ was

important to Manara - Wilt mentioned it explicitly

in Riyadh - so having GLEN with its marketing/ offtake lock out of the picture would be a welcome development for these two potential suitors also.

GLA

Two other factors 'in the mix' : (1) FMG needs volume for its own blending purposes, GLEN's previous lock on offtake rights made any approach to ZIOC pointless up to now; and (2) its/ Arise's Belinga concession was secured in part because of its 'closeness' to the previous Gabonese regime, led by Ali Bongo.

Ali is / was Big Den's son-in- law, so any dealings with ZIOC would be taken poorly by the successor Nguema regime as likely evidence of a lack of commitment to Belinga.

Twiggy Forrest has a high risk dilemma, AFAICS : 'go large..or go home'.

NAI, DYOR, etc, etc

Gabon's coup leader has won the election , reportedly winning 90% of the popular vote.

Let's see whether he rescinds the ambitious Belinga >Mayumba new nation- building railway proposal..or not

GLA

One to watch is Fortescue FMG.

Its Aussie ore is high volume but low grade a.k.a 'Pilbara rust'

It needs to find higher grade to raise its blended quality- needed for 'green steel'.

It bid for Simandou, but didn't want to pay for the infrastructure capex, high because of remoteness, so was unsuccesful.

It pivoted to Belinga in Gabon, but -post coup - was presented by new govt with an 'invitation' to take part in a nation-building route across the entire country, instead of the short transshipment to port that it had alreeady successfully trialled.

Progress at Belinga has been on hold for the past year, awaiting to see if current elections bring a change of govt or at least, of heart.

Its 20% partner in Belinga, Arise group (local port operator), is Zioc's partner(MoU) at Congo's Pointe Noire SEZ...and the principal shareholder Gupta family has taken a 10.3% stake in Zioc's recent placement.

FMG itself has already shown its willingness to make substantial investments in African greenfield iron ore projects, reflecting the existential crisis it otherwise faces.

It has 'means, motive and opportunity'.

NAI, DYOR, IMO etc etc

Maybe worth noting also that the CEPA signatory on Congo's side, Christian Yoka - a technocrat: ex seniir executive at the French Development Agency - in his press interview at min 1:40 consults his briefing note before listing sectors expected to benefit from CEPA. There's talk of transport, infrastructure, tourism and IT, but first mention goes to 'extractive industries sector'.

FWLIW

GLA

Maybe worth noting also that the CEPA signatory on Congo's side, Christian Yoka - a technocrat: ex seniir executive at the French Development Agency - in his press interview at min 1:40 consults his briefing note before listing sectors expected to benefit from CEPA. There's talk of transport, infrastructure, tourism and IT, but first mention goes to 'extractive industries sector'.

FWLIW

ATB

AD port network (incl at PN) will likely benefit from any increase in South- South trade....and PN specifically in the situation described

= A boost to BRICS, if anything.

A bit of an own goal, if so, Señor Trump.

I think that AT and MK have complementary skillsets : simplistically, AT can talk the talk...while MK can walk the walk.

Think of a round of strategic investor presentations without MK or someone like MK delivering...

Horses for courses, IMO.

PS a lot of the non-oil $ 4 Bn growth projected over the next 7 years may, of course, be exDubai entrepot trade, but there's certainly headroom for 'other', more topical investment.

AIUI

Https://x.com/PR_Congo/status/1909670358321365375

The President of the Republic, @SassouNGuesso_, was received this Tuesday, April 8, 2025, in Abu Dhabi, by the Emirati Head of State, Prince Sheikh Mohamed Bin Zayed Al Nahyan. The reception was punctuated by the signing of the comprehensive economic partnership agreement between the Republic of Congo and the United Arab Emirates.

A helpful step on the way.

C-B's was the only CEPA signed at this gathering. It's been in the works for some time (Shakhbut's recent visit being the last leg).

The UAE has been actively expanding its CEPA program, having signed 26 agreements since its launch in 2021. In 2025, five new CEPAs were signed with Malaysia, New Zealand, Kenya, Ukraine, and the Central African Republic.

Abu Dhabi's CEPA program has significantly boosted the UAE's non-oil foreign trade. By the end of 2024, the UAE's non-oil foreign trade reached AED 3 trillion ($817 billion), marking a 14.6% increase compared to 2023. The program aims to achieve AED 4 trillion ($1.1 trillion) in non-oil foreign trade by 2031.

The agreements have positively impacted sectors like logistics, renewable energy, advanced technology, agriculture, and financial services.

Abu Dhabi has leveraged its CEPA program through various strategies to enhance trade and investment. These include:

Eliminating Tariffs: The agreements reduce or eliminate customs duties on a significant percentage of exports and imports, fostering smoother trade flows.

Removing Non-Tariff Barriers: Measures like simplifying regulations and enhancing market access for services exports have been implemented.

Investment Channels: CEPAs establish new avenues for investment, particularly in sectors like ENERGY, MINING and LOGISTICS and advanced technology.

Strategic Partnerships: Abu Dhabi has formed joint ventures, such as the ADQ-Orion initiative, to invest in high-grade iron ore and other resources.

https://www.agbi.com/trade/2025/04/cepa-aims-to-double-uae-trade-with-republic-of-the-congo/

.."The signing of a comprehensive economic partnership agreement (Cepa) between the UAE and the Republic of the Congo is projected to more than double non-oil trade between the two nations.

Non-oil trade will grow to $7.2 billion by 2032 from $3.1 billion in 2024, the UAE state-run Wam news agency reported.

The Cepa will eliminate or lower customs duties, remove non-tariff trade barriers, increase market access for exports and establish new avenues for investment...."

Economic Diversification: The agreements align with Abu Dhabi's vision for sustainable development and economic diversification.

Whatever the turmoil elsewhere, it looks as though 'Abu Dhabi do' as Yogi Bear might say.

GLA

A helpful step on the way.

C-B's was the only CEPA signed at this gathering. It's been in the works for some time (Shakhbut's recent visit being the last leg).

The UAE has been actively expanding its CEPA program, having signed 26 agreements since its launch in 2021. In 2025 alone, five new CEPAs were signed with Malaysia, New Zealand, Kenya, Ukraine, and the Central African Republic.

Abu Dhabi's CEPA program has significantly boosted the UAE's non-oil foreign trade. By the end of 2024, the UAE's non-oil foreign trade reached AED 3 trillion ($817 billion), marking a 14.6% increase compared to 2023. The program aims to achieve AED 4 trillion ($1.1 trillion) in non-oil foreign trade by 2031.

The agreements have positively impacted sectors like logistics, renewable energy, advanced technology, agriculture, and financial services.

Abu Dhabi has leveraged its CEPA program through various strategies to enhance trade and investment. These include:

Eliminating Tariffs: The agreements reduce or eliminate customs duties on a significant percentage of exports and imports, fostering smoother trade flows.

Removing Non-Tariff Barriers: Measures like simplifying regulations and enhancing market access for services exports have been implemented.

Investment Channels: CEPAs establish new avenues for investment, particularly in sectors like ENERGY, MINING and LOGISTICS and advanced technology.

Strategic Partnerships: Abu Dhabi has formed joint ventures, such as the ADQ-Orion initiative, to invest in high-grade iron ore and other resources.

https://www.agbi.com/trade/2025/04/cepa-aims-to-double-uae-trade-with-republic-of-the-congo/

.."The signing of a comprehensive economic partnership agreement (Cepa) between the UAE and the Republic of the Congo is projected to more than double non-oil trade between the two nations.

Non-oil trade will grow to $7.2 billion by 2032 from $3.1 billion in 2024, the UAE state-run Wam news agency reported.

The Cepa will eliminate or lower customs duties, remove non-tariff trade barriers, increase market access for exports and establish new avenues for investment...."

Economic Diversification: The agreements align with Abu Dhabi's vision for sustainable development and economic diversification.

Whatever the turmoil elsewhere, is this a case of 'Abu Dhabi do' as Yogi Bear might say?

GLA

Disappointed no mention of the 2024 Feasibility Update....or that this was to 'bankable' standards, per PSEI.....

I wonder whether the journo actually spoke to AT?

I will ask him.

Https://www.mining-journal.com/asia/news-analysis/4411922/reko-diq-risky-business?

Manara seems (?) prepared to invest with these folk...

.."Reko Diq looms large in Barrick's future. It is a multi-generational mine that will give it the copper boost it seeks. This journey has forced the company and its investors on a perhaps uncomfortable journey as it perhaps sails them closer to the realms of terrorism, an overt culture of corruption and alternative interpretations of equality than they and the company's sustainability report may like...."

The involvement of Manara Minerals (a joint venture between the Saudi Arabian Mining Company, Ma'aden, and the public investment fund to invest in mining assets outside Saudi Arabia) could see the Gulf nation buy participation from the Pakistan government, but not Barrick Gold's share. The UAE will also be a key nation, a marshalling point, and a regional store for critical spares.

"The Saudi's have explicitly said they have an interest to participate in the development of Reko Diq. Saudi has been supportive of Pakistan, and we see the merit of Saudi Arabia's investment in Reko Diq. It is important, however, that any deal should be properly valued because the geopolitical risk of a deal that optically isn't recognising the full value wouldn't be good politically," said Bristow.

Saudi Arabian soft power has a long reach in Pakistan, and it is one of its biggest creditors. For example, the Saudi Fund for Development (SFD) loaned Pakistan $3 billion for a year in 2021 to help it overcome COVID-19, and has repeatedly extended the maturity, most recently in 2024.

SFD also has provided around $6.7 billion to Pakistan for oil derivatives since 2019. "Saudi Arabia is reinventing itself to reposition as a multilateral lender to invest in assets and get a return on that investment. Reko Diq comes at a suitable time for them," said the analyst."

The involvement of Saudi Arabia in the project would provide confidence to all parties. In addition to money, Saudi has the soft power of religion in that the nation hosts the most sacred sites of Islam, at Mecca and Medina..."

Compare / contrast..

GLA

Saudi Arabia is already facilitating Haji, the pilgrimage to Mecca that all Muslim's are required to do if they are able. Pakistan International Airlines began flights from Balochistan's capital, Quetta, to Saudi Arabia's Medina airport in 2023, making the Hajj pilgrimage more accessible.

"Any Saudi footprint in Pakistan screams of religiosity and Muslim brotherhood. Soft power goes a really long way, and the Saudis are really good at it, especially in Pakistan," said the analyst..."

Fair article.

He hasn't fully developed the SA 'social mafia' connection that was mentioned to him : eg he didn't mention Tregar (= BSL), maybe that'll come later.

GLA

International Investment conference kicks off in AUH today, until the 9th.

Macro : Africa has lots of natural resources; we have probs with inflation and slow growth...help !(I made up the last bit).

Big Den speaks of emphasis on water, electricity, infrastructure , electronics and ind as 'the ways forward'.

Mentions opportunities, partnerships, PN importance as 'Southern Africa's deepwater port' and our 'little exploited' mineral resources, including]in this order] IRON, potash, phosphate, polymetals, copper (?), lead, zinc, gold, diamonds, cassiterites (= tin) + oil and gas....

GLA