Member Info for extrader

Continued...

The claims for compensation made by the landowners following the announced expropriations, should not be allowed to block this important project.

I invite each claimant to show patriotism, so that construction of this new refinery CAN START"

About mining, he says : .." In the same vein, the desire to give the mining industry a bigger role means calling on the players involved in this sector, which is largely driven by foreign operators.

It's time for our mining sector to take its rightful place among the main contributors to the state purse, and to contribute materially to the country's budgetary revenues.."

[Form an orderly queue, pls]

He acknowledges delays in payment of public sector salaries, saying it's departmental mismanagement; and breakdowns in utilities (water/electricity), blamed mainly on anti-social elements and saboteurs. He reminds everyone of the serious damage done to the economy in the 1990's by 'unhelpful' and unpatriotic strike action.

In support, he then quotes a bizarre 'proverb' : ‘better to gain a little all the time than everything at once’.

Big Den finally spends a lot of time on a tour d'horizon of his/Congo's achievements in international diplomacy, peace-making initiatives regionally and on the world stage; and his progress in saving the planet with the 3 Basins climate initiative.

(1) I wonder what his intended audience - whoever that might be - make of that lot?

(2) the issues re apparent unenforceability of 'land expropriation' at SEZ and SEZ-related refinery - how does this square with ZIOC's presentation claim , re slurry pipeline : 'Single central government approval - contrast to Brazil, where negotiations with numerous private landowners required.'?

Ho hum.

GLA and ATB

Big Den addresses the country on National Day in a 1 1/2 hour long peroration from the Palace of Congress.

4+ pages of coverage in depeches.

He summarizes on his twitter feed :

.."I ask the government to accelerate the reform of business practices that it's been progressing for more than a decade....

Only impartial justice and effective state control can guarantee us a quality public service and help us effectively fight against corruption and other anti-social elements."

Between the lines : it's not his fault - he's let down everywhere by government incompetence and corruption and assorted anti-social elements who frustrate his every good intention.

He's shocked, shocked I tell you, to discover that a recent census of Uni students could only justify CFA 3 billion out of the current CFA 9 billion 'investment' = spending, the difference being 'ghost' students.

[As a reality check the CFA 3 billion = USD 4.5 million budget pa for its Uni students, in a population of 6 million]

The good news : an evaluation of deficiencies in the education system means that C-B will be soon be able to access World Bank development aid to improve matters...

The Min of Health really has to get to grips with its building programme, to achieve the goal of universal health coverage 'next year.'

He reminds the nation of the 'lost decade 1990 > 2000, when many died and there was widespread sabotage of infrastructure and consequent severe economic hardship, which has taken time {a quarter century ?] to make good.

He refers to the opportunities in the agricultural sector, encouraging the Government to be more pro-active and reduce food import dependency.

Re development(or rather, lack thereof) of SEZ's

.."The lawless occupation of these rights of way calls for strictest enforcement of the measures provided for this purpose, in order to safeguard their availability for initiatives in the public interest. By this I mean the special economic zones

that we are working hard to develop, which must not be derailed by the abuses of independent landowners."

[So much for 'eminent domain']

...."there has been mixed progress in the development of these platforms in our

country. We condemn the blockages generated by the lethargy of certain ministries' administrations. How is it that- with the same foreign partners- the experience of special economic zones is flourishing elsewhere?"

Big Den points to the need for wholesale reform of the judiciary, the legal system and the business climate.

He devotes 3 lines (in 4+ pages) to the container expansion at Pointe Noire by MSC.

He bemoans the fuel shortages C-B currently faces, blaming [again] unhelpful land-owners :

.."I urge the government to find, as soon as possible, the ways and means of speeding up the construction of the new refinery, with the help of the Chinese company Atlantic Pétrochimie’...

Continued...

.

.."good luck to them.

Have fun!.."

That's what it's all about!

A great weekend to one and all...let's see what next week brings.

GLA

.."Come on down fellas, get that cheque book out ;-).."

Already have my ZIOC holding, thanks !

I hope to get my cheque-book out soon, to benefit the charity nominated by the sweep winner ;->....

Why not join in the fun - and the 'price discovery' - and help raise some money for a good cause?

You have to be in it to win it, to coin a phrase!

GLA

Cheers, MM.

That's my 'something for the weekend' reading sorted !

Https://www.newsminimalist.com/articles/angola-sells-alrosa-stake-in-diamond-mine-ahead-of-bidens-visit-b3b3c67e

Another Ma'aden - this one Omani - note that it shows Angola 'picking sides' in the East-West conflict...may be the 'Lobito corridor' factor at work...

.."The sale was approved by Angola's cabinet due to U.S. sanctions on Alrosa following Russia's invasion of Ukraine. Angola's move signals a shift towards closer ties with the U.S., distancing itself from its historical connections with Russia and China..."

GLA

It's on AQSE, on t'other ZIOC thread....

HTH

Hi Jiving,

Could you provide a link to the 2010 prospectus, pls?

TIA and ATB

The last interim payment was 9.87p to 30 June 2010 and the OPS were redeemed at par (10p) 6 months later, after a 35 year run.

And, to keep folk salivating, there's this re the Lasmo OPS 'special' :

https://www.rigzone.com/news/oil_gas/a/11817/lasmo_oil_production_stock_payment_to_be_made_in_april/

.."OPS units were issued in 1976 [ Ed.: @ 10p] to help fund the LASMO share of the Ninian field development costs. The Ninian field commenced production on 23 December 1978 and the OPS holders have been receiving half yearly payments for some 20 years.

The payment on the OPS for the SIX MONTHS ended December 31, 2003 will be made on April 30, 2004 at the rate of 5.4407 pence per unit to holders on the register on April 2, 2004. Payment for the six months ended 30 June 2003 was made at the rate of 4.822 pence per unit..."

The payout obv fluctuated depending on production /price of oil/ USD exchange rate, but still....

To paraphrase Meg Ryan .." I'd like some of whatever they're having".

GLA

Thanks for this link!

Worth highlighting :

.."Vision 2030 ...includes significant investments in sports, a sector that offers economic opportunities and bolsters Saudi Arabia’s influence on the global stage....

..Since 2021, the kingdom’s Public Investment Fund (PIF)—the world’s fifth-largest sovereign wealth fund—has spent at least $6.3 billion on sports initiatives. These investments include acquiring Newcastle United F.C., hosting international events like Formula 1 and the Asia Cup 2027, and securing the rights to host the 2034 FIFA World Cup....

...Africa has become a critical component of this strategy. The continent is home to 54 FIFA members, representing a substantial VOTING BLOC * in the decision to award Saudi Arabia the 2034 World Cup. The kingdom has leveraged sports diplomacy to strengthen ties with Africa, hosting the 2024 Africa Super Cup Final and sponsoring the African Football League...

[* The Motsepe/Congo/Big Den connection MAY have helped : Patrice Tlhopane Motsepe (born 28 January 1962) is a South African billionaire businessman and football administrator. Since March 2021, he has been president of the Confederation of African Football.He is the founder and executive chairman of African Rainbow Minerals [Kropz Minerals, Hinda Potash], which has interests in gold, ferrous metals, base metals, and platinum. He sits on several company boards, including being the non-executive chairman of Harmony Gold, the world's 12th largest gold mining company, and the deputy chairman of Sanlam.He serves on the Board of Trustees of the World Economic Forum. ]

..A New Era of Investment in Africa

In recent years, Saudi Arabia has intensified its engagement with Africa, underscored by the inaugural Saudi-Africa Summit held last year. The event, attended by over 50 African heads of state and officials, marked a turning point in the kingdom’s foreign policy. Africa’s importance to Riyadh extends beyond diplomatic ties—it is central to Saudi Arabia’s aspirations for global leadership and the fulfillment of Vision 2030....

The kingdom has targeted three key areas for investment in Africa: natural resources, renewable energy, and infrastructure....

Many African nations have grown disillusioned with the West’s perceived condescension and rigid policies, turning instead to partners like China and Russia, whose approaches often prioritize sovereignty and eschew moral lecturing. Saudi Arabia has an opportunity to differentiate itself by fostering respectful and mutually beneficial relationships...."

What was it Shankly said ? 'Football isn't a matter of life or death - it's more important than that. '

Maybe in some senses it is.

GLA

Yesterday's depeches back page led with the Pope / Meloni visit, sharing the page with news re MSC Group's expansion works on Mole East, Pointe Noire :

.."PORT OF POINTE-NOIRE

Congo Terminal and CRBC sign an agreement for the construction of a new quay

With a view to speeding up implementation of its project to extend the autonomous port of Pointe-Noire, Congo Terminal, the concession holder for the container terminal, has just signed a contract with the Chinese company China Road and Bridge Corporation (CRBC), for the construction of a new quay for the port extension project.

...the new port platform will have 750 m of quay to a depth of -17m [? serious draughts capable] and an open area

of 27 hectares. Concerned about its impact on the environment, Congo Terminal Môle Est will be equipped mainly with electric handling equipment electric: 5 STS gantry cranes, 15 eRTG gantry cranes and 30 eTT and will have 1 680 reefer sockets. The project also includes 4,000 m² of buildings.

Congo Terminal, a subsidiary of Africa Global Logistics, is fully committed to bringing this new port platform in 2027. This

innovative project is part of a positive dynamic and will have a major impact on the country's economy and local

job creation..."

CRBC has a new Congo project to its name; and , although this is PPP, Little Den wasn't there but instead shared Dad's taxi to Rome. For whatever reason, they didn't delay proceedings for HIM.

GLA

.."The way these events work, MBS & Co will want to make a big splash when they do finally sign & Denis would def be an attendee at such a media oriented event.."

Absolutely ! He milked the 5G roll-out locally for 3 days...

Maybe relevant, maybe not : he appears to have already released on X his National Day message, due tomorrow.

Ho hum.

ATB

If it's Big Den's regular taxi and you have the license-plate, a search through its last few months' fares and how they compare with his known movements would be instructive....

The Finance Ministry recently issued a general travel ban for govt employees up to end 2024 citing budgetary constraints, perhaps they were holding back because Big Den's been falling behind on his Frequent Flyer miles ;-> ?

ATB

Most alternatives won't be generating revenue (material) for several years, even if signed off today. Though there'd be (some) trickle-down effect into the local economy - frankly, anything would be welcome!

"Thanks MM. I’d take that as well 😀.."

To put things in perspective, that would put Elphick's payday at £ 1.2 billion, MK's at £ 22.5 million and even the Country Manager at £ 4.5million (after costs of 7p per share).....

Form an orderly queue, please.

GLA

Well, I got the company wrong (it was Lasmo); and the nature of the deal (they were seeking to improbably large amounts relative to their market cap to acquire a stake in a North Sea asset under development, so on the other side of the table, in ZIOC's case - but the principle's the same) : see

World Scientific Publishing Co Pte Ltd

https://worldscientific.com/doi/pdf/10.1142/...

[PDF]Project Financing : How LASMO Rode the Waves and Struck …

interests of the two tiny new companies, LSMO and SCOT (LASMO’s antecedents) in the new Ninian oilfield, located in the UK’s North Sea. The funds were needed for the following three … "

There's a lot of background re the issues and complexities in the 1970's (macro environment, HMG near insolvency, taxation regime, oil sector technical risks, etc) this para from p22 is the essence :

.." The financing prospectus issued in January 1976 was a fully under written issue of 14% ULS due 1981–1983 and issued at par, associated with what were termed OIL PRODUCTION STOCK (OPS) units. These were described as a “new kind of security”.10 For every £100 of loan stock subscribed, investors received a new “unit” of this type of security that represented a semi-annual payment related to the production from the field, treated as

a dividend for tax purposes. Ultimately, when the OPS ceased (after 1,350 million barrels had been produced from Ninian) or abandonment of the field or 31 December 2010, the OPS would be redeemed at a face value of 10p. During the time of Ninian production, the holders of the 7.5 million OPS units (SCOT and LSMO were aggregated for this calculation) partici

pated in an 8.75% interest in LSMO’s Ninian production interest of 6.9%, post lifting, Processing and other operating costs, and post government royalty payments.

THERE ARE MANY SIMILARITIES BETWEEN THE OPS AND IDEAS OF RISK SHARING SEEN IN ISLAMIC FINANCE."

So M East potential Strategic Partners will be familiar with the concept...and might even win extra 'brownie points' with their shareholders if they were to internally re finance their stake in the consortium on an Islamically acceptable basis....

Let's see how things pan out.

GLA

Hi MM

One price for proven 'as is', with further payment(s) in the form of tradeable warrants, contingent on certain milestones re proving up being achieved.

This was the formula used in a North Sea oil transaction that had similar (?) upside potential that the seller wanted to share in.....

Obv discounted because of the 'free ride' / carried nature of the entitlement, but still worth having.....very much so in the example I'm thinking of.

It was Occidental or Premier, IIRC.

HTH

Hi Jiving

My smiley at end - cut off - would have alerted that I was being slightly facetious ;-> !

Credit where due, I think our corporate financier Elphick has got ZIOC about as 'oven-ready', as possible

It's Thanksgiving tomorrow....and Congo's National Day. In a multipolar world, Big Den's just checked to make sure he's got the Pope on-side (seeking beatification of a local worthy and making the case for more African representation at the Holy See).

'If God is for us, who shall be against us'?

Interesting times, for sure.

ATB

Not sure how I feel abut Manara's reported ploy, re its 15% stake : 10% down, the balance if/when we proceed to FID.

Brings confusion to the sweep winning criteria, for one thing.

;-