Member Info for extrader

Hi jonnychi,

I'm hopeful that the Investor Event will show a clearer, plausible plan and timeline to Project implementation.

From the look of things, it may only be the 'management team' that is represented at the Event...and I hope MK and AT will be as forthcoming as possible : it would be a poor show if MK were to hide behind 'I wasn't on the Board then, so am not privy, etc' or AT were to recuse himself from discussing some things because of a perceived conflict of interest.

I hope to pull together a number of questions for the Event - I can't attend myself - and would be grateful if Vet 10, 4kandles and any other attendees could ask or paraphrase these, preferably EITHER (1) as 'open-ended' questions, ie that can't be answered yes/no, but require the answer to give some detail or (2) conversely, where we would like a clear yes/no : an example of the latter would be :

- Has the Shard capital subscription facility been cancelled ? Y/N ? If N, why N..and what is the amount (if any) available under Tranche 2 ?

A minor quibble : .."After the Glencore buyback and the additional issuance for the final raise of $1.5m, there will be approx 802m shares issued."

AIUI, we're at 724m approx, Tranche 2 around the 26th March is for about 79m, getting us to 804m-ish...and the 'optional' $1.5m will (if/when exercised) give another 29m, for an eventual 833m, of which the 'new investors' collectively will have approx 450m or abt 54%.

Having got thus far, the newbies are now as motivated as Elphick to minimise further dilution, hence my interest in the Shard position....and whether there's scope for - instead- leveraging the grant to newco GIS of 20% of marketing rights as one way of funding FEED, to the extent necessary (some questions re that, also)....

GLA and ATB

Teaser headline from

https://www.mining-journal.com/mj-comment/opinion-articles/4410779/2025-iron-ore-deal?

'"Iron ore is not typically a sector that sees a lot of merger and acquisition activity but 2025 has been different so far

Covers FMG's $254m Red Hawk infill deal; Mitsui's $5.3 Bn 40% stake in Rio's Rhodes Ridge ..' one of the world's largest undeveloped iron ore deposits with a 6.8 billion tonne resource at 61.6% iron; and

..while not M&A, money has been flowing for African iron ore.

Last week, AIM-listed Zanaga Iron Ore announced it was raising US$21.5 million to repurchase Glencore's 43% share in Zanaga and cancel an offtake agreement, while continuing to advance its namesake project in the Republic of Congo, which has a resource of 6.9Bt [ore-grade unfortunately not specified].

While it's not a huge fundraising, the participants in the raising were significant due to their significant iron ore experience.

Former Anglo American CEOs Mark Cutifani and Tony Traher, former technical director Tony O'Neill, former Xstrata CEO Sir Mick Davis, Arise CEO Gagan Gupta and former Rio Tinto head of business development Phil Mitchell all chipped in MONEY [suggests ..so not just advice], while Mitchell will also join the Zanaga board.

Then there's also the looming initial public offering of Robert Friedland's Ivanhoe Atlantic.

Ivanhoe Atlantic is reportedly planning to raise up to A$300 million and list on the ASX later this year.

The company is planning to start construction this year on the Kon Kweni iron ore project in Guinea.

Kon Kweni is a shovel-ready project with a resource of 751.9Mt, including 209Mt at 67.8% iron..."

The year is only just under way.

GLA

Teaser headline from

https://www.mining-journal.com/mj-comment/opinion-articles/4410779/2025-iron-ore-deal?

'"Iron ore is not typically a sector that sees a lot of merger and acquisition activity but 2025 has been different so far

Covers FMG's $254m Red Hawk infill deal; Mitsui's $5.3 Bn 40% stake in Rio's Rhodes Ridge ..' one of the world's largest undeveloped iron ore deposits with a 6.8 billion tonne resource at 61.6% iron; and

..while not M&A, money has been flowing for African iron ore.

Last week, AIM-listed Zanaga Iron Ore announced it was raising US$21.5 million to repurchase Glencore's 43% share in Zanaga and cancel an offtake agreement, while continuing to advance its namesake project in the Republic of Congo, which has a resource of 6.9Bt [ore-grade unfortunately not specified].

While it's not a huge fundraising, the participants in the raising were significant due to their significant iron ore experience.

Former Anglo American CEOs Mark Cutifani and Tony Traher, former technical director Tony O'Neill, former Xstrata CEO Sir Mick Davis, Arise CEO Gagan Gupta and former Rio Tinto head of business development Phil Mitchell all chipped in MONEY [suggests ..so not just advice], while Mitchell will also join the Zanaga board.

Then there's also the looming initial public offering of Robert Friedland's Ivanhoe Atlantic.

Ivanhoe Atlantic is reportedly planning to raise up to A$300 million and list on the ASX later this year.

The company is planning to start construction this year on the Kon Kweni iron ore project in Guinea.

Kon Kweni is a shovel-ready project with a resource of 751.9Mt, including 209Mt at 67.8% iron..."

The year is only just under way.

GLA

Hi atg

'What would Homer do?'

Let's hypothesize that GLEN told Elphick - or he found out- that it wanted out...

Or - worse - Greymount found out...and told Elphick.

Guess we'll never know.

ATB

Guys,

Just think of this as a 3-dimensional uncrossing trade, with 5 variables :

-what Greymount will pay, for what it will get;

- what Glencore will concede, for what it will get; and

- what Elphick will be left with.

The price we ended up with was the 'clearing point' for those variables.

AIUI.

GLA

PS...he's also lobbied for the creation of a diamond exchange traded fund aimed at breathing new life into the sector.

Something I'm sure will be a talking point with Elphick, whose other UK share interest is Gem Diamonds (GEMD)...

....."..my job as CEO is to create a different model that society can work with, that delivers what they want and allows us to do our business,” he says.

Very much the line that Marty took in that 'odd' interview that many of us (self included) thought of as rather HR - focussed.

Two contemporary, sports-mad, mixed culture Aussies, who both began life as mining engineers......what are the chances?

Serendipity, some might call it.

GLA

Here's some coverage that gives a flavour of Cutifani's style :

https://www.businesslive.co.za/fm/money-and-investing/2025-02-06-former-mining-boss-mark-cutifani-is-still-cutting-deals/

.."Former mining boss Mark Cutifani is still cutting deals

No longer heading a global company, he and a partner have turned their attention to smaller and medium-sized businesses in the context of the dominance of critical metal production from China and the Middle East

06 February 2025 - 06:00

by DAVID MCKAY

Mark Cutifani has upended the notion that running Anglo American is a career apogee.

Since leaving the UK miner in 2021, he’s remained as active as ever. Last year he was appointed chair of Brazil’s Vale Base Metals, due to list in 2026, and he has lobbied for the creation of a diamond exchange traded fund aimed at breathing new life into the sector...

Most recently, Cutifani joined former Bank of America executive Omar Davis in the London-based Odin Partnership, a merchant bank start-up that aims to capitalise on mining industry deal-flow.

Cutifani says in an interview that the idea for Odin Partnership came while “chatting about the industry” with Davis, who has history with Cutifani in relation to Anglo transactions.

‘You need to differentiate yourself’,” says Cutifani. The outcome was a bank that aims to combine “technical smarts” with Davis’s contact book and knowledge of financial structuring.

“You could get an advisory firm to cobble something together,” says Cutifani. “But we really have everything under one roof. That’s the opportunity.."

“We’re going into the smaller to medium-sized companies; guys who are looking at investing but want operating experience, project execution and [the knowledge of] how to tie these things into different market strategies.

“With Odin’s access to finance, we’re looking at transformations, transactions — with which Omar is exceptional — and advisory.”

and then

https://www.afr.com/companies/mining/some-think-i-m-a-left-wing-loony-cutifani-s-goal-to-remake-mining-20201007

.."What really exercises him is a more slow-burning twin crisis: climate change and his industry's crisis of reputation, as he called it in February.

Cutifani is one of mining's noisiest advocates for the ESG agenda, which manifests in Anglo American's climate goals, safety focus and its track record of work with mine-affected communities.

..‘I just want to learn how we should be thinking about the local communities.’ And he said, ‘Two words: meaningful existence.’”

In a nutshell, even if you give mine-affected people a new house with electricity and water, if they don’t retain a life they find meaningful, they will resent you for it. So in 10 years' time, they'll either be part of the mine's success or they'll be picketing the AGM.

Continued.....

...my job as CEO is to create a different model that society can work with, that delivers what they want and allows us to do our business,” he says.

Very much the line that Marty took in that 'odd' interview that many of us (self included) thought of as rather HR - focussed.

Two contemporary, sports-mad, mixed culture Aussies, who both began life as mining engineers......what are the chances?

Serendipity, some might call it.

GLA

Here's some coverage that gives a flavour of Cutifani's style :

https://www.businesslive.co.za/fm/money-and-investing/2025-02-06-former-mining-boss-mark-cutifani-is-still-cutting-deals/

.."Former mining boss Mark Cutifani is still cutting deals

No longer heading a global company, he and a partner have turned their attention to smaller and medium-sized businesses in the context of the dominance of critical metal production from China and the Middle East

06 February 2025 - 06:00

by DAVID MCKAY

Mark Cutifani has upended the notion that running Anglo American is a career apogee.

Since leaving the UK miner in 2021, he’s remained as active as ever. Last year he was appointed chair of Brazil’s Vale Base Metals, due to list in 2026, and he has lobbied for the creation of a diamond exchange traded fund aimed at breathing new life into the sector...

Most recently, Cutifani joined former Bank of America executive Omar Davis in the London-based Odin Partnership, a merchant bank start-up that aims to capitalise on mining industry deal-flow.

Cutifani says in an interview that the idea for Odin Partnership came while “chatting about the industry” with Davis, who has history with Cutifani in relation to Anglo transactions.

‘You need to differentiate yourself’,” says Cutifani. The outcome was a bank that aims to combine “technical smarts” with Davis’s contact book and knowledge of financial structuring.

“You could get an advisory firm to cobble something together,” says Cutifani. “But we really have everything under one roof. That’s the opportunity.."

“We’re going into the smaller to medium-sized companies; guys who are looking at investing but want operating experience, project execution and [the knowledge of] how to tie these things into different market strategies.

“With Odin’s access to finance, we’re looking at transformations, transactions — with which Omar is exceptional — and advisory.”

and then

https://www.afr.com/companies/mining/some-think-i-m-a-left-wing-loony-cutifani-s-goal-to-remake-mining-20201007

.."What really exercises him is a more slow-burning twin crisis: climate change and his industry's crisis of reputation, as he called it in February.

Cutifani is one of mining's noisiest advocates for the ESG agenda, which manifests in Anglo American's climate goals, safety focus and its track record of work with mine-affected communities.

..‘I just want to learn how we should be thinking about the local communities.’ And he said, ‘Two words: meaningful existence.’”

In a nutshell, even if you give mine-affected people a new house with electricity and water, if they don’t retain a life they find meaningful, they will resent you for it. So in 10 years' time, they'll either be part of the mine's success or they'll be picketing the AGM.

My job as CEO is to create a different model that society can work with, that delivers what they want and allows us

.."This thing aint moving SP wise unless material events happen..."

Material events HAVE happened, here's a list (hat tip MM, tho' I may quibble a couple):

.."What about the 80% off-take recovery, from 0%, or

Having 3 former CEO's of major mining companies invested/advising? or

Working capital for 12 months plus (with no Shard drip-feed overhang), or

Glencore and their reputation gone, or

Saudi Arabian investment, or

Gupta of Arise IPP and mineral port personally taking a £4m position in ZIOC, or

The alignment of the port with Zanaga's success, or

The BoD and management taking shares in lieu and investing so being aligned with regular PIs?..."

The Investor Event will hopefully help folk join the dots and give a realistic timetable for the next steps.

These guys have MEANS (money and connections) and MOTIVATION ( new fields to conquer, esp Cutifani) and are now (IMO) capitalizing on an unexpected OPPORTUNITY (GLEN's "exit, stage left, pursued by a bear").

Just the 20% offtake granted to GIS - giving Greymount a 'cutout' to test the waters - is a potential 'game-changer', IMO - see post in t'other place.

GLA

.."The big kicker for me, as mentioned by MM, we've got 80% of our offtake back for 18% dilution.."

Actually, I think it may be better than that : if you think about the other 20% - that has gone to newco GIS at the 'request' (but actually a condition precedent) for the Greymount facilities in the first place - we (or maybe safer to say Greymount) now have a 20% life-of-mine carrot to dangle discreetly at prospective investors.

These investors (one or more) remain anonymous to the public for now, maybe even unknown to each other ...and the carrot can be syndicated amongst enough funders to support the financing of a good chunk of project expenditure : FEED for sure, EPP if needed, maybe under favourable circumstances a part of Phase 1.

Greymount's supplemental Tranche $ 1.5m is optional and " 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)."

Any terms agreed for the GIS offtake won't be in the public domain, giving Greymount/ZIOC a strong negotiating hand for the negotiations over the remaining 80%...

Comments/corrections invited!

GLA

GLA

Argentina:

..."President Javier Milei opened a meeting of Congress with a speech focused on the achievements of the first year of his administration. He said that the International Monetary Fund (IMF) deal will go to Congress IN DAYS, which will help allow for a freer foreign exchange (FX) regime. Milei also proposed a broad fiscal reform of a MANDATORY ZERO-DEFICIT BUDGET for all states. He introduced a target to reduce public spending to 25% of GDP by 2027, and a reform to cut the number of national taxes by 90% to just six in total.

Milei celebrated that his government was able to put an end to pickets and roadblocks in a single year and reduce crime rates significantly in the country's most dangerous cities. To keep advancing, Milei said the government will push for a reform to lower the age of crime responsibility, increase the penalties for every crime in the criminal code, and fill all the courts and prosecution offices, which are currently working with an overall vacancy rate of 40%...."

GLA

Also seems to be inaccurate : the Saudis WERE the largest shareholder at 11% or so, but sold a big chunk (down to 5.1% now), to fund another investment , Childrens Place Retail Stores(PLCE).

BUR is/was their largest holding at September 2024's's filing, 55%, valued then at S 140M (@s/p $13.26), vs PLCE (43%) valued then at $108M, for a highly-concentrated portfolio...

As to the underlying thesis, well, Trump claims to be the victim of 'lawfare', that's not to say he'd be averse to using the same tactics/pressure points himself in pursuit of whatever plans he has for Argentina...

GLA

One of the vessels was reportedly at anchor...(???!!!).

Then there's this :

https://www.cnn.com/2025/03/10/americas/argentine-military-hunts-chinese-fishing-vessels/index.html

The use of aircraft to provide intermittent, expensive and incomplete surveillance of mainly Chinese 'illegals'.

I've sent a link to Simon, though I'm sure it's already on SRT's radar (geddit?).

No use going to UKEF for support on this one, presumably, but maybe the Donald could be tapped for finance : yet another 'security' for minerals/resources play (reverse alphabet - first Ukraine; then Greenland; now DR Congo; next week Argentina...?).

'The world is not enough'.

GLA

Something that hasn't received much airtime, AFAICS - though this may change tomorrow - are the likely new dynamics in shareholder relations :

The RNS was -perhaps deliberately - a bit 'economical with the actualite' - over who's in charge, going forward, being told only that the effect of the buy-in would be that Greymont would have a maximum (post exercise of 'optional'tranche 2) of 28.8%....

Yes, but that ignores the contributions of the others, between Subscriptions and Tranches : we can't be sure who has what, other than Gupta (9.7%), but if you go back to the numbers, the syndicate's overall 416.9m out of 803.5m will EVENTUALLY give them roughly 52%, if/when Greymont's Tranche 2 ('BSL') option is exercised, as I'm sure it will be.

The 'consortium' are below this - at 46.6% AFAICS after Tranche 1 for $ 17.4m = 337.8m/total 724.4m shares on 7th March- rising when Tranche 2 / Gupta's Subscription (+79m odd, for $ 4.08m =416.9m/803.5m or 51.9% ) is subscribed on 27th March.

If or when Greymount exercises the 'BSL' $1.5m option, and IT reaches 28.8%, the consortium as a whole will have an extra 29m shares, for 446m/832.5m or 53.6% of ZIOC.

E & OE !

Shard indirectly confirmed the 'net Phase/Tranche 1 position) when its calculation of the potential s/p was based on a £ 4.8Bn Ph 1 NAV and 803m shares in issue = 600p @ 90% discount = 60p....

So the consortium is already over 50%, the next interesting %ages being 75% (power to sell without need to consult shareholders) and 90% (compulsory buy-in of shares).

Until now, GLEN's 43% + Elphick's 12% + (believed exGuava + ex Garbut say 20%) was at or near 75%; now we have 'consortium's 52% + Elphick 9.6% + (exGs 16.4 % (20% x 677/832) = 77.6%.

Conclusion : The consortium still needs Elphick's holding + goodwill (hence the 'lock-in') but less than hitherto. 90% remains a stretch...for now.

A lot depends on how the newcomers choose to play things and how much their market rep for fair dealing means to them.

Observation : Elphick is a nonExec Chair, a corporate financier and (for GLEN, who needed someone to mind the store), a 'safe pair of hands'. What does he bring to the party, going forward?

The consortium has better C-B connections, current industry and M&A connections and far more technical and project development expertise; Marty Knauth has done all the Strategic Partner/Investor marketing.

Conclusion : Elphick may remain as a figure-head, but others will be running the show. Expect further Board changes (Velloza?Valerius?).

Andrew Trahar's position is an interesting one : his position at Vision Blue (Co-Founder, with Dad as Adviser) and Tony T's position at BSL, might account for some of his silence in recent months. I'd hope for continuity and a more communicative style.

The next couple of weeks should give us a steer.

I look forward to Vet 10 and others' comments on the mood and content of the Investor Event.

GLA and ATB

Something that hasn't received much airtime, AFAICS - though this may change tomorrow - are the likely new dynamics in shareholder relations :

The RNS was -perhaps deliberately - a bit 'economical with the actualite' - over who's in charge, going forward, being told only that the effect of the buy-in would be that Greymont would have a maximum (post exercise of 'optional'tranche 2) of 28.8%....

Yes, but that ignores the contributions of the others, between Subscriptions and Tranches : we can't be sure who has what, other than Gupta (9.7%), but if you go back to the numbers, the syndicate's overall 416.9m out of 803.5m will EVENTUALLY give them roughly 52%, if/when Greymont's Tranche 2 ('BSL') option is exercised, as I'm sure it will be.

The 'consortium' are below this - at 46.6% AFAICS after Tranche 1 for $ 17.4m = 337.8m/total 724.4m shares on 7th March- rising when Tranche 2 / Gupta's Subscription (+79m odd, for $ 4.08m =416.9m/803.5m or 51.9% ) is subscribed on 27th March.

If or when Greymount exercises the 'BSL' $1.5m option, and IT reaches 28.8%, the consortium as a whole will have an extra 29m shares, for 446m/832.5m or 53.6% of ZIOC.

E & OE !

Shard indirectly confirmed the 'net Phase/Tranche 1 position) when its calculation of the potential s/p was based on a £ 4.8Bn Ph 1 NAV and 803m shares in issue = 600p @ 90% discount = 60p....

So the consortium is already over 50%, the next interesting %ages being 75% (power to sell without need to consult shareholders) and 90% (compulsory buy-in of shares).

Until now, GLEN's 43% + Elphick's 12% + (believed exGuava + ex Garbut say 20%) was at or near 75%; now we have 'consortium's 52% + Elphick 9.6% + (exGs 16.4 % (20% x 677/832) = 77.6%.

Conclusion : The consortium still needs Elphick's holding + goodwill (hence the 'lock-in') but less than hitherto. 90% remains a stretch...for now.

A lot depends on how the newcomers choose to play things and how much their market rep for fair dealing means to them.

Observation : Elphick is a nonExec Chair, a corporate financier and (for GLEN, who needed someone to mind the store), a 'safe pair of hands'. What does he bring to the party, going forward?

The consortium has better C-B connections, current industry and M&A connections and far more technical and project development expertise; Marty Knauth has done all the Strategic Partner/Investor marketing.

Conclusion : Elphick may remain as a figure-head, but others will be running the show. Expect further Board changes (Velloza?Valerius?).

Andrew Trahar's position is an interesting one : his position at Vision Blue (Co-Founder, with Dad as Adviser) and Tony T's position at BSL, might account for some of his silence in recent months. I'd hope for continuity and a more communicative style.

The next couple of weeks should give us a steer.

I look forward to Vet 10 and others' comments on the mood and content of the Investor Event.

GLA and ATB

Rebuttal of some of those worries cross-posted here for info, as MM quoted :

.."Leaving aside the DRC misconception, I think there are other more serious issues with BOTs' understanding .

For instance

(1).." I imagine that has taken certainly 6 months, probably a year plus to orchestrate and structure and now execute..."

In fact, all the evidence suggests rather that this has been an opportunistic , 'on the fly' response to a change in circumstances (GLEN's C-B debt). Consider that :

.."Greymont Bay LLC itself was only set up, in Delaware, on 14th January 2025....and GIS was only set up in Dubai a few days ago

Https://gulfironsteel.com/..created 23/02/2025 Domain Name: gulfironsteel.com

Note that the (unexpected?) GLEN pay-off was agreed 27th December 2024 (but only reported by Africa Intelligence 10th Feb); there was the rushed mid-afternoon RNS 2nd Jan, inviting shareholders to an 11th Feb (since cancelled) meeting; the 3rd Feb RNS 'Power solutions' MoU ; and the 7th Feb Investor event invite for 18th March..."

(2).."Can we be sure they have Govt support ..."

MM has plausibly addressed this : "why might Brazzaville want to be done 'as quickly as possible'?

.."The answer likely lies in a new sense of urgency. The Presidential elections take place next April, and Big D is not immune to a new coalition gaining ground. He and his entourage could do with a big win, and a multi-billion pound development project for Zanaga, 500 MW of power plus associated port facilities would give him just that. So, 12 months max for FEED (they've already started some workstreams) and a couple of globally important Strategics (think Rio/Vale etc) will give him that win. If Glencore were the sticking point then they had to move on. "

(3) .."stock markets are not valuing Mining companies not yet in production at a price anywhere near a Project valuation..."

Again, MM has addressed the scope for a sea-change in valuation here

https://im-mining.com/2013/04/10/the-value-variance-between-west-african-iron-ore-companies/

and a (?) coincidental (1)start to Investec's coverage of ZIOC and (2) timeous opening of a M East office here

https://www.difc.ae/whats-on/news/investec-extends-footprint-with-difc-office-launch

There's some other stuff I hope to get back to later today, but BOTs may want to stop digging for a while, since on the face of it he's not doing himself any favours...."

GLA

Leaving aside the DRC misconception, I think there are other more serious issues with BOTs' understanding .

For instance

(1).." I imagine that has taken certainly 6 months, probably a year plus to orchestrate and structure and now execute..."

In fact, all the evidence suggests rather that this has been an opportunistic , 'on the fly' response to a change in circumstances (GLEN's C-B debt). Consider that :

.."Greymont Bay LLC itself was only set up, in Delaware, on 14th January 2025....and GIS was only set up in Dubai a few days ago

Https://gulfironsteel.com/..created 23/02/2025 Domain Name: gulfironsteel.com

Note that the (unexpected?) GLEN pay-off was agreed 27th December 2024 (but only reported by Africa Intelligence 10th Feb); there was the rushed mid-afternoon RNS 2nd Jan, inviting shareholders to an 11th Feb (since cancelled) meeting; the 3rd Feb RNS 'Power solutions' MoU ; and the 7th Feb Investor event invite for 18th March..."

(2).."Can we be sure they have Govt support ..."

MM has plausibly addressed this : "why might Brazzaville want to be done 'as quickly as possible'?

.."The answer likely lies in a new sense of urgency. The Presidential elections take place next April, and Big D is not immune to a new coalition gaining ground. He and his entourage could do with a big win, and a multi-billion pound development project for Zanaga, 500 MW of power plus associated port facilities would give him just that. So, 12 months max for FEED (they've already started some workstreams) and a couple of globally important Strategics (think Rio/Vale etc) will give him that win. If Glencore were the sticking point then they had to move on. "

(3) .."stock markets are not valuing Mining companies not yet in production at a price anywhere near a Project valuation..."

Again, MM has addressed the scope for a sea-change in valuation here

https://im-mining.com/2013/04/10/the-value-variance-between-west-african-iron-ore-companies/

and a (?) coincidental (1)start to Investec's coverage of ZIOC and (2) timeous opening of a M East office here

https://www.difc.ae/whats-on/news/investec-extends-footprint-with-difc-office-launch

There's some other stuff I hope to get back to later today, but BOTs may want to stop digging for a while, since on the face of it he's not doing himself any favours.

GLA

Could well be, though that message is maybe a little muddied by the comment re the 20% offtaker, introduced by Greymont as a condition precedent :

.."Gulf Iron and Steel (GIS), a consortium of strategic industry entities seeking to develop integrated steel facilities supplied by high-grade pellet feed iron ore to the Americas and the Middle East..."

First time I've seen a (perceived) interest in supplying ZIOC ore to 'the Americas', or am I mis-remembering?

Perhaps that' s a 'nod' - or 'shot across the bows' ie 'take note' to one possible counterparty - Anglo American itself - currently a contractual supplier (60%) to Bahrain Steel :

.."Bahrain Steel, a subsidiary of Foulath Holding, signed a 20-year pellet feed supply agreement with Anglo American in 2019. This contract is valued at approximately $15 billion and ensures Bahrain Steel receives around 60% of its annual pellet feed requirements. The iron ore is sourced from Anglo American's Minas-Rio mine in Brazil, with a minimum grade of 67% Fe and low impurities. This partnership supports Bahrain Steel's production capacity of 12 million tons of pellets per year, catering to the growing demand for high-quality direct reduction (DR) pellets in the MENA region..."

I see that Tony Trahar is also an adviser to Sir Mick's Vision Blue, where Andrew T is a co-founder. Meanwhile, Cutifani, Tony Trahar and Tony O'Neill are all ex-Anglo....and Cutifani and O'Neill are recent Co-Founders of Odin.

Phil Mitchell's CV will be a boost to the ZIOC Board :

From his Aura Mining (Mauritanian uranium project) profile

.."Phil Mitchell brings significant expertise in mining mergers and acquisitions, having previously served as Head of Business Development and Strategy at Rio Tinto. He also held key roles as Chief Financial Officer of Rio Tinto Iron Ore and as a member of the Executive Committee at Anglo American (Anglo, again !).

Additionally, he led acquisitions for Robert Friedland’s company, HPX...

In his role as Head of Business Development and Strategy at Rio Tinto, Phil managed the company’s asset and commodity portfolio, overseeing mergers, acquisitions, and divestments. He was also responsible for the daily management of the BHP takeover proposal...."

The alignment of (the incomers') interests and breadth of skillsets/contacts is pretty impressive.

GLA