Member Info for extrader

Details here :

https://ausenco.com/assets/images/Commissioning-of-the-Anglo-American-Minas-Rio-iron-concentrate-pipeline_2021-08-13-233050_izip.pdf

Acu Port is/was co-owned by our friends at Mubadala.

Terminal 1 is dedicated to handling Anglo's iron ore.

Here's a 'climate risks' mitigation report

https://sustainableworldports.org/wp-content/uploads/Port-of-Acu_Climate-Resilience-Exec-Summary_2022.pdf

I hope Mubadala kept a copy for AD Ports' reference purposes.

GLA

And just in from Seb..

...."🔴The Republic of Argentina and Titan Consortium have entered discussions on potentially agreeing to the entry of judgment on mutually acceptable terms, according to court documents filed on Monday.

- This does not mean that Argentina will settle the case or will start negotiation talks for a potential settlement.

- However, just a few weeks ago, the Republic opposed to the very same judgment that it is now agreeing to enter with beneficiaries of a $325 million award..."

A crack in the ice...?

GLA

Thanks as ever, alwayshoping !

Said to be for support of Saudi private sector Foreign Direct Investment.....but with a boost from other GCC funders....by 2030.

.."In detail, 25 billion dollars will be invested by private Saudi companies. This also includes $10 billion in financing from the Saudi Exim Bank, $5 billion for African start-ups and $1 billion as part of a regional development initiative. "

The Saudi minister pointed out that a group of regional lenders from the Gulf States plans to grant $50 billion in loans to African countries by 2030..."

In less welcome news, C-B has just been downgraded by S+ P , though this is sovereign debt, not necessarily a reflection on an in-country's business /ability to pay.....

.."S&P downgraded the sovereign rating to CC+, reflecting significant liquidity pressures. According to S&P, the country’s net reserves are sufficient to cover only about 1.4 months of current account payments and less than 40% of short-term external debt based on remaining maturity. The rating outlook is negative, highlighting ongoing economic vulnerabilities and limited financial buffers..."

C-B's rating is somewhere between :

CCC - An obligor rated ‘CCC’ is CURRENTLY VULNERABLE, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

CC - An obligor rated ‘CC’ is CURRENTLY HIGHLY VULNERABLE."

Their bold.

GLA

Hi MM

Good Q.

Pls ask Chat GPT the same question re lithium, for which there appears to be a comparable paucity of result, so far.

This would serve as 'control' , making it possible to see if there's any difference in approach by Wilt.

Either result (Y/N) would be a useful data point.

TIA and GLA

Certainly helpful read- across....and - better yet -not a direct competitor, since it looks to be still at the conceptual stage, with lots of permits and bureaucracy to navigate...

GLA

Trahar senior was CEO of Anglo....who are big in Brazil jungle mining...and the folk who used Ausenco for their iron slurry pipeline, IIRC.

Q : is blood thicker than water?

;->

Https://www.reuters.com/world/americas/argentina-tax-amnesty-push-pulls-18-billion-deposits-2024-10-31/

.."BUENOS AIRES, Oct 31 (Reuters) - A tax amnesty program in Argentina encouraging residents to deposit foreign currency previously stuffed under mattresses, stored in safety-deposit boxes or saved in accounts abroad has drawn in around $18 billion so far back to local banks, an official said on Thursday..."

The deposits are seen as signs of a vote of confidence in Milei's leadership as his austerity measures have helped bring down month-on-month inflation to single-digit figures. Annual inflation, however, remains in the triple digits.

Milei's spokesman, Manuel Adorni, called the tax amnesty a "success" in a press conference as he announced the estimated amount deposited so far.

Officials are optimistic that these fresh dollars could help local banks offer credit lines to customers and spur growth.

Deposits in private dollar-denominated bank accounts in Argentina have increased to $32.5 billion since the plan began in mid-July, according to analyst estimates, which would mark a further boost outside of the amnesty program.

"The extent to which such a windfall would positively impact net reserves will depend on the increase in (dollar-denominated) credit to the private sector, which has been gaining steam lately," analysts at J.P. Morgan wrote in a client note earlier this week.

Reserves are expected to continue recovering past the initial deadline, they added.

Argentines hold an estimated $277 billion outside the formal banking system, according to official estimates for 2024...."

Puts things in perspective.

Mind you, it would seem that the UK doesn't have much faith in its local economy either:

.."U.K. pension fund allocations to domestic stocks hit all-time low

Sep 6, 2024 · The proportion of assets that U.K. pension funds allocate to U.K. equities has fallen to a record low of 4.4% in 2024, according to a report by think tank New Financial...."

GLA and ATB

Hi Jiving,

Thanks for this reminder. The Turkish co with the Saudi MoU is Tosyali

hTTps://www.tosyaliholding.com.tr/en/media-central/press-releases/tosyali-holding/2024/giant-investment-planned-by-global-green-steel-producer-tosyali-holding-in-saudi-arabia

although it seems to be pushing ahead more in Libya (of all places). As do others. 'You live and learn'.

A really helpful overview of current activity in M East/North Africa (MENA) - which might be considered as sharing some hydrocarbon /solar/wind equivalency with the Gulf - is in a more recent publication by the same IEEFA analyst

hTTps://ieefa.org/sites/default/files/2024-09/BN_Practical%20steps%20to%20position%20MENA%20as%20a%20green%20steel%20leader_Sep24.pdf

Key take-aways :

"(1) Recent announcements on developing low-emissions iron and steel capacities in the

Middle East and North Africa (MENA) highlight the region’s potential to become a global leader in steel decarbonisation.

[Ed.: See the graphic, listing parties/locations]

(2) MENA steelmakers must rapidly incorporate renewables into their energy mix to

substantially lower indirect (Scope 2) emissions. For direct (Scope 1) emissions, they

have an ideal opportunity to transition from gas to hydrogen gradually and transform

gas-based DRI plants into hybrid systems.

{Ed.: Note the flurry of hydrogen initiatives, most recently seen in 2 x Oman]

(3) With carbon capture unable to make iron and steel truly low carbon, increasing the

allocation of green hydrogen to steel production in the region is essential. MENA

producers could become key offtakers for green hydrogen projects.

[Ed.: See above.....]

(4) Tighter international regulations on low-emissions steel production and trade present

a valuable opportunity for MENA to become a key supplier of green iron. The green

premium also may incentivise MENA steelmakers to fast-track their shift to low

emission products.

[Ed.: Article includes a detailed analysis of the challenges facing the steel industry migration to green - and the opportunities open to forward-thinking MENA host countries, notably the Gulf].

Rather frustratingly, the article focusses on the 'energy' input side of the industry and is silent on the - surely relevant - question of the sourcing and availability of the implied high(er) quality ore that the process requires.

OK, it IS from an 'energy finance' publication, but still.....

I think I'll drop Basirat a line, if only to find out who his oppo in minerals analysis is !

GLA and ATB

Hat tip to CliffPeat for drawing my attention to

""Smaller uncrewed vessels

We operate our own fleet of smaller uncrewed [surface] vehicles/[vessels] (USVs) capable of operation as standalone units or as force multipliers from Armada ships or conventional ships."

[So possibly "submarine" or "surface"?]

hTTps://oceaninfinity.com/ourtechnology/ (scroll down)

This may be a small detail - or it may be an important additional string to SRT's bow. And SRT acting as a "channel to market" for OI..."

followed by

.."while checking back, I came across this further description

https://www.bbc.com/news/science-environment-51451577

Brucie bonus : report includes a 7:36 minute interview with frontman Plunkett that describes OI's activities in some detail.

Re Kuwait's/the GCC's interest in the Straits of Hormuz chokepoint, it's worth noting that your link includes a description of OI's 'dual use' potential eg in surveying undersea telecomms cables and provision of what it coyly refers to as 'UXO services', to wit 'a full range of identification, clearance and disposal services alongside trusted partners'...

I'm sure OI is very tapped in to the seat(s) of power and will hopefully - going forward - be a more active lobbyist for SRT than HMG has (apparently) been todate.'

ATB

worth reminding ourselves, in this context, of what manara's then acting ceo wilt had to say at january's future minerals forum

https://www.reuters.com/markets/commodities/saudi-arabias-manara-minerals-fund-plans-metals-trading-arm-2024-01-11/

..""we envision manara having a trading arm," manara acting ceo robert wilt told reuters in an interview on the sidelines of the future minerals forum (fmf) mining gathering in riyadh.

"our first phase of setting up the company is get the investment rolling, but all of these investments are predicated on an offtake... so there is going to be some level of trading to manage the books of offtake minerals we have," he added.

in an offtake deal, a buyer usually agrees to buy a portion of the producer's future output.

"we are not envisioning going into competition with glencore or trafigura, our vision is just to manage our own book," wilt said."

this while buying 'buying minority stakes of up to 20% in assets overseas.'

.."wilt, who is also the ceo of ma'aden, said that the fund has a strict mandate to source iron ore, lithium, copper and nickel as part of saudi arabia's plan to become a metals processing hub.

manara is in talks to potentially buy a stake in ****stan's reko diq mine, wilt added, currently half owned by toronto-listed barrick gold (abx.to), opens new tab, and half by the governments of ****stan and the province of balochistan. barrick considers the mine one of the world's largest underdeveloped copper-gold areas.

"manara is evaluating a host of opportunities, post closure of the vale deal, and reko diq is one of them," he said.

score so far since then: vales base metals (10%) = copper/nickel; reko diq (15%) = copper/gold; provisionally zambian first quantum stake (15-20%) = copper......

re lithium, saudi's been exploring (with the uae) the feasibility of extracting from brine, creating an artificial replica of argentina's or chile's 'salars'. but it is also interested in sourcing direct, per https://www.arabnews.com/node/2559361/business-economy

july 30 2024 : 'saudi arabia exploring lithium investment opportunities in chile: alkhorayef'.

this was 2 days after the industry minister's visit to the vale carajas iron ore facilities in brazil.....

manara's need for lithium is predicated on domestic growth of its ev business. this, however, appears to be faltering, see

https://www.carscoops.com/2024/01/saudi-arabias-goal-of-becoming-an-ev-producing-hub-may-hit-speed-bump/

at a time also when there seems to be no shortage of lithium availability.

compare and contrast with the recent widespread media acknowledgement of an upcoming industry-wide pivot to higher quality iron ore and the case for arguing that iron ore must rank above lithium in manara's shopping list seems compelling.

afaics.

gla and atb

Hat tip to kukidoh elsewhere, for this update from Sundance Resources :

https://www.sundanceresources.com.au/irm/pdf/61cad582-d041-42aa-a4c5-a6867e115165/Conditional-settlement-with-Congo-terminated.pdf

Money not received. Litigation to continue (next hearing 14 November).

.."Sundance remains open to achieving a settlement with Congo in short order for the benefit of all parties.

The settlement discussions with Congo were independent of, and had no effect on, the Company’s ICC arbitration against the Republic of Cameroon. .."[ Ed.:Next hearing January 2025]

ATB

Hi Vet10,

Re Africa Intelligence / Mbalam-Nabeba progress...

I hae ma doots ....

Your link was quickly followed by this version of the status quo :

https://www.africaintelligence.com › central-africa › ...

Cameroon, Congo First trucks for Mbalam-Nabeba iron ore project …

12 hours ago · Whether construction work on the Mbalam-Nabeba mine will actually kick off soon remains to be seen. Publicity events staged in the past have not resulted in any tangible …"

These earlier reports from Africa Intelligence suggest that the Cameroon litigation defence is in as much disarray as is Congo-Brazzaville's...

First trucks for Mbalam-Nabeba iron ore project due in Kribi port

A reception ceremony is planned for early November.

Mining 01.11.2024

Yaoundé strives to save its arbitration against miner Sundance over Mbalam iron

Cameroon missed the deadline to submit its defence, but the president's office has contacted its legal counsel and experts in a bid to defend its position against the Australian miner. Meanwhile, Paul Biya's return to the country is likely to align the various parties in Yaoundé.

Mining 24.10.2024

Mining minister urges president's office to move forward on Sundance arbitration

When a Cameroon delegation headed to Beijing for the Forum on China-Africa Cooperation one of the key issues they sought to bring up was the Chinese-funded Mbalam-Nabeba iron ore mine. Arbitration proceedings to settle a dispute with the former project developer are still at a standstill.

Mining 06.09.2024

Cameroon's unpaid bills threaten to derail iron ore arbitration

The Cameroonian government has not paid the costs of the proceedings, nor the fees of the lawyers and financial expert who have assisted it in the case against the Australian company Sundance Resources.

Mining, Business 25.07.2024

This article goes into the background and issues in some detail, including showing the 'murkiness' behind some of the goings-on

https://www.businessincameroon.com/mining/2112-13576-cameroon-initiates-mbalam-iron-ore-mine-construction-amidst-funding-uncertainty

Meanwhile, the dispute is over mines with ore quality reported to be 'up to' 62.9%.......

HTH

..And Sundance Resources was supposed to receive settlement compensation from C-B for its expropriated Nabeba mine today, Oct 31st (itself extended by one month after non-payment.

Case is therefore scheduled to resume 12th November, no doubt court will not be impressed.

Meanwhile, progress reported on KP2 is welcome (esp for holders), let's see if this is a portent for some progress on ZIOC.

GLA

Seb's latest :

"(1)🔴Argentina has until November 21 to pay the Euro-denominated GDP Warrant judgment. The UK Supreme Court today formalized October 7 as the ruling date. According to the plaintiffs’ lawyers, Quinn Emanuel, the country has 45 days to pay EUR 1.33 billion or begin negotiations. If the 45-day period expires without resolution, judgment creditors are likely to execute the EUR 313 million guarantee that Argentina deposited in March.

(2)Reminder: An important issue worth clarifying is that the two Spanish Petersen companies have been in bankruptcy proceedings in Madrid since 2013. In other words, there are creditors who are demanding funds for unpaid debts. Among them is Repsol.

These creditors (who are not the owners of the Spanish Petersens) will be the sole beneficiaries of the entire 27% of any eventual agreement with the Republic of Argentina. The funds received will be administered by the bankruptcy trustee (who has presided over the liquidation of the Petersens since 2014) and their disbursement approved by the Commercial Court No. 3 of Madrid.

The remaining 73% of any potential deal will be split between Burford Capital, Eton Park, Wall Street funds and banks, and law firms."

GLA

You've got to believe that the Straits of Hormuz chokepoint would be an 'area of interest' for lots of folk, most locally Ra's Al Khaimah (eponymous : = the 'peak of the tent') and down the Gulf of Oman to Fujairah*, both emirates of the UAE.

* The Port of Fujairah is the world’s second-largest bunkering hub. Strategically located on the only eastern seaboard of the United Arab Emirates, it is within 300 km of all the emirates. Fujairah is also unique as the sole multi-purpose seaport on the UAE’s eastern coastline, enhancing its significance in regional and global maritime activities.

GLA

Ashmore's latest :

The Autumn IMF meetings present an opportunity for investors to engage with IMF authorities, central bankers, finance ministers, technocrats, political consultants, economist and peers. The state of the global economy and the main risks and opportunities across global markets is the primary focus.

This report summarises the main findings of four and a half days and 35-meetings organised by seven different partners in nine different venues. with IMF Chief representatives, Central Bank Governors and Directors, Ministers of Finance, and political consultants.

..."Despite the political challenges, both Angola and Argentina pledged to maintain an overall surplus.

Angola’s reforms started some 6-7 years ago, while Argentina’s are more recent, but both countries remain on the right track.

In Argentina, there is a consensus that the economy is at important cross-roads.

One path sees inflation continuing to decline and economic activity recovering enough for the population to reward President Javier Milei’s party in next year’s mid-term elections, and reforms persisting.

On the second path, inflation remains elevated and/or the economy recovery is too shallow, leading to a poor election result and then significant political challenges for reforms.

We think Milei’s reforms are already paying dividends in terms of a better investment environment and lower inflation and believe the first path to now be more likely."

GLA

As if on cue...

..The contract is for a state-of-the-art national maritime surveillance system for the Kuwait Coast Guard and other relevant agencies. The system will incorporate a broad range of sophisticated sensor systems, USV's, Ai Analytics, augmented reality and integrated command & control systems as well as new supporting civil infrastructure.

The contract forms a 12 year partnership with implementation expected to take up to 2 years, followed by 10 years of support, training and maintenance...

Interesting to see also that there's a UAE connection...

.."Kuwait's First Deputy Prime Minister, Interior and Defense Minister Sheikh Fahad Yosuf Al-Sabah signed separate deals on Wednesday with the UAE and Britain as part of efforts to beef up the national coastguard's capabilities.

The agreements with Abu Dhabi and UK-based SRT Marine Systems meet the highest "maritime quality" standards, representing a step towards enhancing Kuwait's maritime security, according to an interior ministry statement.

The deals are part of a broad "overhaul" of the nation's maritime security apparatus, added the statement, singling out the agreement with Abu Dhabi as being a testament to the camaraderie shared between the two Gulf Arab neighbors..."

After Bahrain, Saudi and (now) Kuwait, are we going to see a GCC-wide ( ie + Qatar, UAE, Oman) roll-out ?

GLA

OVERTAKEN BY EVENTS

..."Plunkett is CEO and public front for Ocean Infinity, Anthony Clake appears to be the 'eminence grise', see

hxxps://blog.geogarage.com/2023/11/hedge-fund-tycoon-anthony-clake-doubles.html

Ther article starts with the treasure-hunting side of things, which is interesting in itself. There's also various references to links to the deep pockets of (people from) Marshall Wace, the $63 Billion AUM hedge fund.

Plunkett gets a first mention about 2/3rds of the way down, followed by a bit about some of Ocean Infinity's other investments/activities:

..Starting in 2020, Ocean Infinity set out on a buying spree, with orders for 23 remote-controlled, full-size vessels from shipbuilders in Italy and Norway.

The “Armada,” as Ocean Infinity calls it, stands to be the world’s biggest private fleet of robotic vessels, serving the oil and gas industry, cable companies and deep-sea miners.

The ships will have skeleton crews initially, but the plan is to dispense with sailors altogether and steer the vessels from onshore hubs.

“The impact and the scale of this robotic fleet will spark the biggest transformation the maritime industry has seen since sail gave way to steam,” Plunkett said in a press release announcing the purchase.

...

In 2021, Ocean Infinity added a Swedish marine data group, a Portuguese subsea software specialist, an offshore wind farm tech provider and a British security firm -?- to its list of acquisitions.

It also moved into a refitted warehouse on England’s southern coast.

The facility looks more like a tech campus than a shipyard.

Access to the control room is by iris scan.

Inside, pilots of remote submarines sit in big gaming-style chairs in front of multiple screens.

The workspaces were designed by an e-sports company, and the pilots can even use Xbox-style controllers if they wish.

...

Ocean Infinity’s recent clients include a wind farm project off Long Island, where it’s surveying for unexploded military ordnance.

Plunkett also announced last year that the company wanted to mount a new search for MH370.

And Clake’s long-ago investment in the San José could yet pay off, too: Colombia’s minister of culture told Bloomberg News this November that President Gustavo Petro wants the wreck recovered by 2026...

Last year, Clake sponsored an Ocean Infinity-led project to find the HMS Endurance, lost beneath the Antarctic ice for more than a century after being abandoned by the British explorer Ernest Shackleton.

Clake used a charitable trust for the purpose, which helped keep his name out of the ensuing media coverage. (His primary role in the project was highlighted to Businessweek by several people and confirmed by corporate and charity records.)..."

GLA and ATB

Thanks for this, Vet 10

Let's see if the 50% of NPV hurdle is cleared!

Interesting to see Harris and Trahar name- checked; that Zanaga reportedly needs 300Mw of electricity; and that the writer is the same Ian Lyall who broke the later-retracted timeline a short while ago.

Cheers

Try 'goose' and 'mongoose'...

'English as she is wrotten'

;->