Member Info for Jiving

Thanks for sharing those notes extrader, extremely useful. On Glencore - a couple of points.

Greenfield. Krushchev noted 'When Stalin says dance, a wise man dances. When Ivan said Glencore policy was 'no greenfields' his senior staff echoed his views - whilst he was their absolute boss. With Ivan gone maybe their 'real' opinions will surface, perhaps some of the old Xstrata folks are in favour of a limited iron ore venture?

Joint CEOs. Look at the reporting lines between Gary & Peter, each have half the company profit centres reporting to them. Gary may be formally CEO but it looks terribly like he is sharing power with Peter. (who btw has just splashed out on another Sydney mega flat). https://www.glencore.com/who-we-are/our-leadership

Xstrata legacy. The initial ZIOC deal with Xstrata was a standard deal - a financially constrained explorer does to exploit a major resource - bring in a big miner to develop it & going forward & essentially be a sleeping (financially) partner going forward. Problem of course was that Xstrata is taken over by Ivan's 'no greenfield' Glencore. Glencore aren't going to finance development, so a development partner has to carry not one but two 'sleeping' partners. I can see why thats not a winning situation, and AT & ZIOC have had a near impossible hand to play.

Soup, good link to Oxilio funding. It 'must' be us (says desperate NFX shareholder), both raising the money & the price paid by investors suggests strongly its for a specific purpose. The deal may not be great financially (anything is better than the nothing we have had for some 2 years) but it is at last some vindication that our products have a value to someone, somewhere. In normal circumstances this would lead to pre-emptive price movement, but sadly our usual twitter p & d punters, seem to actually be missing the significance of the news that could lead to significant % price movement. Just hope one day we get better quality p & d punters.

"The iron ore price is in freefall. What happens next?"

The ZIOC share price follows it down, just traded below 5p, seeing 4.7p on the bid side at the moment.

This looks like a big seller is back rather than the usual crowd eating their losses.

"What I don't understand is why Glencore don't just auction it off. "
If we cant get a deal of any type surely this is the best /only solution, preferably jointly with ZIOC. But frankly its getting to the stage where ZIOC should independently auction our stake - we get what we get! Its better than losing the licence or another 2/5/10 years of dilution & no progress. Lets do it soon before iron ore is back to $50.

But even if the data is-good, if we dont have a competent & entrepreneurial sales/marketing person, how do we get a deal from that data? At year end when Anne's time is up, who will be up for the job? Frankly I would go with Oxilio, given a choice.

Actually thats not a bad idea to treat this as a shell, given Oxilio actually seem to have some entrepreneurial spirit & sense of direction, and are at least attempting to market NXP001 to third parties (unlike our duffers). Perhaps an RTO whereby they would make a better job of marketing ALL our assets not just NXP001?

Mozambique has already been officially dropped by Arthur.

It was on another LSE board Bob, he was deliberately set up.

Sub - hope to see you in Bolton soon!

Bob, Jay says thanks & he will be at every party from 3p onward - wherever.

Will do Bob, whatever I am sure he will be along for whatever 5p/10p/20p parties Bolton is planning!

MK. Good to hear from you. Jay12 has unfortunately been banned from the forum some 6 months ago. But we were in touch re the news this morning & he is v pleased obviously. Like a number of us he is expecting Arthur to go into full field expansion mode & maybe then on to new acquisitions.

Because we bought at the bottom with little debt we are in an exceptional position to finance field expansion. This is a good article about the current financing situation amongst US independent oil producers - essentially most of their current financings are to pay down debt not expand production. Therefore the threat of a sudden gush of supply knocking prices is lessened.
https://oilprice.com/Energy/Crude-Oil/US-Shale-Sees-Light-At-The-End-Of-The-Tunnel.html

Yep Bob its a strange sensation. But if we were solely dependent on OPL-226 we would still be waiting on that Essar/Kola/Buhari/NNPC circus to deliver. Luckily we have an additional asset and focus.

Indeed CawCaw, the last minute placing could have been for the CNOOC/Cuda stakes and/or a new acquisition. Whatever news must be incoming soon.

August is going to be quite eventful I suspect - thankfully in a positive way.

What a relief, at last!
Now the game moves to London & the FCA.
But key point is - game on!

https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00021327

Thanks extrader, another straw I was clinging to washed down the river ZIOC.

Are there any impediments to us actually putting our share of the Zanaga mine out to auction? Come autumn something has to give or the iron ore price could be heading below $100 & we will be back at 1p.

Filter. I actually thought the Chairman's letter was positive on Oxilio. I still hope for a deal there in weeks rather than months. It may not be for big bucks but after the last 18 months I will take any sliver of good news I can get. NXP002 trials triggering licensing discussions on schedule also a positive from that letter. A takeover would not likely give LTH a return commensurate with the risk we have taken, the outcome would be largely dependent on the views/votes of major holders, if they take it we would have little choice.

Anne's leaving a done deal, we have all stated our different views, back to Oxilio & NXP002 data!

It is possible that the change at the very top at Glencore may lead to a change in policy. The 'no greenfield development' policy may actually have been primarily an 'Ivan' policy and not really a 'Glencore' policy that will continue down the ages. Looking at the Glencore management reporting lines, although Gary Nagle is clearly the official CEO, in terms of reporting lines Peter Freyberg has all the 'Industrial Assets' chiefs reporting directly to him. He was described in the FT as "a miners' miner" and may feel more comfortable with a new mining venture. With their heavy coal bias, they are hardly cut out for the new 'green' world however much they verbally hype up their 'commitments'.