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Perhaps why this series of whoppers is having little effect on the SP:

DIAMOND PRICES CRASH TO MULTI-DECADE LOWS AS ART, WINE, & ROLEX MARKETS SOUR

According to Bloomberg data, citing the Diamond Standard Index, diamond prices have plunged to the lowest on record, with data going back to early 2002. The index has lost 45% of its value since March 2022.

https://www.zerohedge.com/personal-finance/diamond-prices-crash-multi-decade-lows-art-wine-rolexes-markets-falter

Back in the COIDIC days, our very own Andrew Trahar revealed that Fortescue (FMG) were one of the parties interested in Zanaga. Much water under the bridge since then, of course, however FMG are now trying alchemy to turn their Pilbara dross into something OK for green steel. Their likely chances of success are reflected in their speculative acquisition (unclear grades and JORC) of the Belinga iron ore deposit along the Congo-Gabon up country from Zanaga.

Meanwhile, just 2 days ago the CEO Dino Otranto said this, @4:10:

'...China is investing in Saudi Arabia, is investing in Africa. The challenge is for us Australians, Let's do it now! Let's muscle our way in and regain our market share in a green metal future.'

https://www.youtube.com/watch?v=Mq753YumrKM

That's clear.

Reworking Elphick's comments of yesterday:

"The ZIOC Board is unanimously delighted with Marty's efforts (in) advancing progress with potential Strategic Investors and expect to see his efforts delivering meaningful outcomes in due course."

Previous direct comms with the company inform that Marty has been responsible for introducing a number of Strategics to Zanaga, while reawakening interest from others. My interpretation of the BoD's 'delight' is that Marty's project marketing has produced some serious competitive tension between major iron ore and steel interests who, frankly, are each and all compelled by the drives for Net Zero and Green Steel to secure Zanaga.

It also looks very much as if Marty has been granted his first slice of vested options immediately following the ZIOC August board meeting, and in time for September news.

Delightful.

Good points well made. Thanks alwayshoping. I think September will be quite the month.

That much is clear.

Yesterday Marty had no upside exposure to the ZIOC share price, as of this morning (specifically by 3rd Sept admission) he has 500,000 worth.

That tells us all everything about behind the scenes progress. Elphick emphasised Mary's role:

"Marty has played an instrumental role in delivering an update cost estimate for the Zanaga Project and advancing progress with potential Strategic Investors. The ZIOC Board has unanimously agreed to the granting of share options and is delighted with Marty's efforts to date, and expect to see his efforts delivering meaningful outcomes in due course."

This reinforces the window for FEED start-up, i.e. mid-Sept to mid-Oct. Ahead of that we need news on FEED finance, which means that any moment from this coming Tuesday we could and should see news flowing.

Edit...

Bidding war coming **VERY** soon

Vale looking to corner the market in high grade, DR iron ore for green steel? Sounds like it, according to their incoming CEO.

A bid for Zanaga, perhaps, alongside Gulf green steel interests?

Vale’s new CEO to focus on boosting iron ore despite weak demand

Bloomberg News | August 28, 2024 | 11:19 am

Stieler underscored the directive for incoming CEO Gustavo Pimenta, the finance chief who was named Monday as the next top executive for the world’s No. 2 iron ore producer.

Pimenta’s main short-term goal when he takes over Jan. 1 will be delivering high-grade iron ore to the global steel industry. Vale aims to be the main provider of quality ore that steel mills need to cut greenhouse gas emissions.

https://www.mining.com/web/vales-new-ceo-to-focus-on-boosting-iron-ore-despite-weak-demand/

Earlier today. Fortescue detail 'insatiable demand for green products' from China and that there isn't enough high grade iron ore to go round.

Meanwhile FMG are trying to turn their Pilbara rust and rubble into high grade, and buying Belinga over the Congolese border into Gabon.

Alternatively, and it is the inescapable conclusion that all the Strategics must surely have come to, buy Zanaga. Bidding war coming soon? I reckon.

FORTESCUE SETS OUT TO MEET STRONG CHINESE DEMAND FOR GREEN IRON

By Melanie Burton

August 28, 20243:48 AM GMT+1

Mark Hutchinson, head of the company's green energy division, told an analyst call after the company's results.

"What's become quite evident in China...is their insatiable demand for green products...and that's why we're putting so much effort into our green iron plants in Christmas Creek," Hutchinson said.

(edit)

Longer term, there is not sufficient high grade iron ore around the world to support decarbonising the global steel industry, he said.

https://www.reuters.com/business/energy/fortescue-sets-out-meet-strong-chinese-demand-green-iron-2024-08-28/

My timeline for the company's post FS workstream has been:

1. End April - Publish FS, with the *full* version delivered to Strategics under NDAs.

2. May - Marty takes the FS on a 5-country roadshow (China, Japan, Korea and perm 2 others from India, ME, Turkey, Brazil)

3 June, July and August - 3 month review, consultation and 'any questions?' period, i.e. 'Pre-FEED'.

4. September > Post summer and we are into decision making time for FEED finance.

Whilst we've had no formal timeline set out by the company, in his 20th June podcast interview Marty committed to 'under promise (leaving the 'over deliver' silent) and then this, @12:40:

'...upcoming engineering and planning phase which we're commencing in the next 3 to 4 months..'

https://omny.fm/shows/dig-deep-the-mining-podcast/exploring-the-zanaga-iron-ore-project-with-ceo-mar

That 3 to 4 months would take us to a mid-Sept to mid-Oct window for FEED start up. However, and critically, before then the company will need to have secured FEED finance, of c.$22m from the company's presentations.

In the end April FS update the company wrote this:

'The Company believes these positive results provide much greater confidence in the Project's economic feasibility in today's market and cost environment, and with this, provides a key catalyst for potential strategic investors to consider funding of the next logical Project phase, being the front end engineering and design (FEED) program to further define the Project's physical elements and risk abatement strategies.'

> So, and before FEED starts, finance must be secured, and the company were planning 'for potential strategic investors to consider funding of the next logical Project phase.'

By my reckoning any time from 1st September onwards in the window for news on FEED finance for actual commencement a few weeks later.

We're very close now.

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Through to yesterday's close 62% Fe rebounded 10% in 2 sessions.

Direct comms with the company over prices of Zanaga's grades (66% to 69%+ for a DR, green steel average of 67.5%) produce some telling insight. The current SP mini-funk is irrelevant to all parties, being only valid for benchmark 62% deliveries to Dec 2025. In the specific timeframe for Zanaga development, 2030 onwards, both demand and prices for our high grade remain very firm.

There is industry-wide consensus that the iron ore market is already splitting in two: old school benchmark 62% for 'dirty steel' (think Chinese housing and infrastructure) and DR-grade for green steel. Given current (and foreseeable) steel making technology there is no route to substitution in green steel production between DR-grades and anything sub-65%. Even restorative tech., such as CCUS at scale, is seen as a non-starter.

> So the market is already splitting in 2, with no substitution possible or likely. Effectively we are looking at 2 distinct products with 2 separate and unrelated prices.

I'd like to thank all those who gave up their bank holiday weekend to research and then donate here on LSE. Hugely appreciated and adds massively to the general knowledge of the investment case, hence driving fresh investment from PIs. As we all appreciate this lifts the SPwhich then compounds the cash being raised by the company through the Shard ESA. Great to know that we are all pulling on the same rope with the same goals.

As I Say, 'I'd like to thank', but obviously can't because none of the above actually happens. And clowns wonder why the SP languishes.

Stupidity squared, and then some.

$1,000,000,000,000

The fastest, cleanest and most technologically achievable route to 'green steel' is via high grade ore and hydrogen.

That's Zanaga. End of.

THE COST TO TRANSFORM THE MINING AND STEEL SECTORS INTO ZERO-CARBON INDUSTRIES COULD EXCEED $1 TRILLION, ACCORDING TO VALE’S CFO GUSTAVO PIMENTA.

https://www.mining.com/vale-estimates-carbon-free-cost-for-mining-and-steelmaking-at-over-1-trillion/

AUSTRALIA WON’T HAVE ‘GREEN STEEL’ TO ITSELF.

AFRICA IS POISED TO BECOME A GLOBAL HUB

Published: August 20, 2024 9.28pm BST

...Africa, a continent with boundless high-quality iron ore, is poised to become one of the world’s biggest producers of low-emissions steel, rivalling China.

https://theconversation.com/australia-wont-have-green-steel-to-itself-africa-is-poised-to-become-a-global-hub-233651

Exactly, Marcus! Fewer than 5 trading days until the September news window.

FWIW my FEED funding scenario would be (this if we pursue FEED ourselves and are not bought out):

Concessionary or even grant funding from the likes of the African Development Fund. Industry Strategics remain on the sidelines and in the shadows.

ZIOC undertake to develop an EPP for the at surface DSO, to generate $50m+ pa.

Following the April publication of our reworked Feasibility Study, the company have been orchestrating the pre-FEED process (FS review and questions/enquiries by Strategics). The stated plan is to get FEED financed and underway next month, under 2 weeks away. The FEED funding quantum has been put at $22m:

The Company believes these positive results provide much greater confidence in the Project's economic feasibility in today's market and cost environment, and with this, provides a key catalyst for ***potential strategic investors to consider funding*** of the next logical Project phase, being the front end engineering and design (FEED) program to further define the Project's physical elements and risk abatement strategies.

https://www.lse.co.uk/rns/ZIOC/feasibility-study-update-csf95xrss026cmq.html

There's nuance here; By virtue of funding FEED any particular Strategic/s would have first claim on development. That would necessitate all manner of things, not least revealing themselves plus an agreed formula for pricing the project, whether NPV or otherwise. Additionally any Strategic/s that didn't participate in FEED would be relegated in the pecking order. A clear conundrum when 'just' $22m is required.

A logical solution would be to apply to the development banks, of which the most logical would be the Africa Development Bank and their concessionary vehicle, the African Development Fund. For our purposes they've been active in both iron ore and with the Saudis, using grant funding:

11:32 AM · Aug 16, 2024

African Development Bank Group @AfDB_Group 's $135m grant for #Comoros will support port upgrades, Customs modernization, boost maritime trade & regional integration, women's economic inclusion, and #ImproveLives: https://bit.ly/46GGEH9 #IndustrializeAfrica #BlueEconomy #IntegrateAfrica

https://x.com/AfDB_Group/status/1824393690485346542

And in Mauritania the ADB are funding a Mauritania - Saudi JV for high grade iron ore

ABIDJAN, Ivory Coast, July 9, 2024

Sector developments and future plans

Globally, the steel production landscape is evolving, with a shift towards less carbon-intensive and more efficient processes. This means higher demand for high-quality ores and DRI pellets, which require less energy and produce less waste. Mauritania, particularly SNIM, is poised to capitalize on this trend.

Over the next decade, Mauritania plans to double its iron ore production capacity to more than 45 million tons per annum. This ambitious goal involves significant investments in infrastructure and logistics. The focus is on producing high-grade iron ore and developing iron ore pellets, aligning with the global shift towards cleaner steelmaking processes.

https://afdb.africa-newsroom.com/press/dig-deep-to-aim-high-how-to-use-mining-to-unlock-mauritanias-potential-by-malinne-blomberg?lang=en

Practically unresearched on the board, our industrious friends in Korea now warrant some investigation. POSCO is the largest mill, Hyundai the second and the 2nd largest EAF producer globally. There's some high grade demand right there:

Hyundai Steel is a multinational steel mill with headquarters located in Incheon and Seoul, South Korea, a subsidiary of the Hyundai Group. Founded in 1953, it is currently Korea's oldest and largest steel manufacturer. In addition, Hyundai Steel is also the second-largest steel producer using EAF electric arc furnace technology in the world.

https://mrssteel.com.vn/blogs/steel-blog/top-5-leading-steel-mills-in-korea#:~:text=Currently%2C%20Korea%20is%20the%20world's,steel%20manufacturing%20enterprises%20are%20needed.Hyundai Steel Co., Ltd

POSCO are the largest with some major investment plans:

13 September 2023

POSCO to launch the production of green steel by 2030

POSCO Group previously announced its intentions until 2030 to invest 121 trillion won ($93 billion) in environmental development of the main types of activities – steel business, production of materials for batteries and hydrogen projects.

https://gmk.center/en/news/posco-to-launch-the-production-of-green-steel-by-2030/

....muses Bandar proprietorially.

@00:32 '...and they can do this at Zanaga?'

https://x.com/mimgov/status/1817888013549969642