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5:13 PM · May 13, 2025

·بندر إبراهيم الخريف Bandar Alkhorayef @BAlkhorayef

تعزّز مذكرة التعاون التي أبرمتها الوزارة اليوم مع وزارة الطاقة الأمريكية، على هامش القمة السعودية الأمريكية؛ مستوى الشراكة بين البلدين في مجال التعدين والموارد المعدنية، كما تدعم مرونة سلاسل الإمداد، وتأمين احتياجات المعادن الحيوية؛ لتصبح المملكة قائدة لقطاع التعدين في العالم 🇸🇦

The memorandum of cooperation signed today by the Ministry with the US Department of Energy, on the sidelines of the Saudi-US Summit, enhances the level of partnership between the two countries in the field of mining and mineral resources. It also supports the flexibility of supply chains and securing the needs of vital minerals, so that the Kingdom becomes a leader in the mining sector in the world 🇸🇦

https://x.com/BAlkhorayef/status/1922324338742853677

and

BRICS News @BRICSinfo

JUST IN: 🇸🇦🇺🇸 Saudi Arabia announces $600,000,000,000 investment in the United States.

https://x.com/BRICSinfo/status/1922326146147811335

I've labelled today's buying, and associated supply, as 'disbursement from Shard of warehoused 4.1p stock to favoured clients ahead of news'.....

Whereas I have researched DR beneficiation, have been party to comms with the company, and......sleuthed out something very interesting about BSL that probably ties it all together.

The upshot? That I am supremely confident that our management and recent investors have this all worked out and, and according to the pre-written script, are leading to us a super-premium buy-out.

I think we need 100% clarification that ZIOC are working on beneficiating the upper and surface layers of Zanaga into DR-grade pellet feed. Those layers contain hematite.

The game is to raise the grade from 66% to 67.5% with

PSEI and BSL together? Lovely find!

Things got a bit mysterious in 2018, and an accurate explanation of grades and pellet possibilities became elusive....and then it all but disappeared from company messaging.

I refound the info via the Mining International link from the time and as below:

"ZANAGA IRON ORE’S COLD PELLETISING PLAN PROGRESSES

Posted on 7 Aug 2018

Zanaga Iron Ore’s plans to start up a low-cost pellet project in the Republic of Congo using a polymer-based product have been given a boost after recent test work returned positive results.

Independent laboratories, testing out the commercial acceptability of two 20 kg samples of Zanaga “cold pellets”, said they were within the industry acceptable limits for conventional pellets.

This latest test work is part of the company’s Early Production project (EPP) at Zanaga. The EPP would be a relatively low capital cost development using road and potentially rail transportation solutions as well as existing port infrastructure to ship product out.

It would entail the development of a industry acceptable iron ore pellet product using a lower cost cold pelletisation process. It could also act as a pre-cursor for the company’s original 12 Mt/y stage one iron ore production plan.

The perceived potential benefits of Cold Pelletisation, as advocated by the technology providers, are low capital cost, low incremental operating costs and low environmental footprint, according to Zanaga.

Results from previous test work indicated a simple gravity based processing of the friable-enriched, hematite-dominated, near-surface Zanaga iron ore can produce a pellet feed concentrate grading 67.4% iron, combined silica plus alumina of 5.9%, and 0.03% phosphorus."

https://im-mining.com/2018/08/07/zanaga-iron-ores-cold-pelletising-plan-progresses/

> My strong hunch is that ZIOC never lost sight of the possibilities (DR grade and cold pellets) and resurrected it all with Glencore gone. That plus the technical advances made by the Chinese in the intervening period.

How did you get that link please, Futsal?

extrader - ^ That link does work.

If you read forward from this on p.7 you get a good idea of how in 2018 ZIOC 'missed' DR-grade and cold pellets:

Early Production Project (EPP) Update

1. Product test results

Following ZIOC’s announcement on 8 March 2018, further test work has been conducted by independent

third party experts on the viability of producing pellet feed concentrate from Zanaga’s surface ores.

The results of this test work confirm that simple gravity based processing of the friable enriched, hematite

dominated, near surface Zanaga iron ore can produce an even higher quality pellet feed iron ore concentrate

product than that which was announced in March 2018. The latest test results achieved a pellet

etc

Impact of achieving 69.4% Fe and DR grade pellets for DRI production:

GROK

BROADER STRATEGIC IMPLICATIONS

NPV and Investment Appeal: The high-grade DR product’s alignment with decarbonization trends and strong margins (~$3 billion/year operating profit at 30 Mtpa) enhance Zanaga’s attractiveness to investors and lenders, supporting the reported $6 billion NPV upside.

Supply Chain Resilience: Zanaga’s African location diversifies global DR pellet supply, reducing reliance on Brazil, Canada, or Sweden, and appealing to steelmakers seeking geopolitical stability.

Sustainability: Dry beneficiation and low-impurity pellets position Zanaga as a leader in eco-friendly iron ore production, aligning with ESG mandates and attracting premium buyers in Europe and North America.

SPECIFIC ANSWER

The achievement of 69.4% Fe, 3% gangue via dry beneficiation **would** significantly boost strategic demand for Zanaga’s DR-grade product due to:

Decarbonization Demand: Strong interest from steelmakers (e.g., ArcelorMittal, Baosteel) transitioning to DRI-EAF, with DR pellet demand projected to reach 180 Mtpa by 2027, driven by green steel initiatives.

Supply Shortage: Zanaga’s rare ability to produce DR-grade hematite pellets (30 Mtpa) addresses a global deficit, commanding premiums ($5–10/tonne VIU) over 67–68% Fe competitors.

Regional Appeal: High demand in Europe (hydrogen DRI), Middle East (gas DRI), and Asia (China, India EAF growth), with logistical advantages from Pointe-Noire.

Pelletization Impact: The high-grade concentrate supports a cost-efficient 30 Mtpa pellet plant ($57/tonne cost, $99.60/tonne margin at $180/tonne price), attracting off-take deals and partnerships while leveraging Chinese dry beneficiation advancements (e.g., NdFeB HGMS). Competition from magnetite producers and rare earth magnet supply risks require strategic planning.

Zanaga’s DR-grade pellets are well-positioned to capture a significant share of the growing DRI market, enhancing its strategic value and economic viability.

Well, what do we have here?

Eased into the market way back in 2018 were the results of the then test work, using conventional methods, i.e. 67.4% Fe, 5.9% gangue (silica plus alumina), and 0.03% phosphorous -(see 1 below).

For DR grade (and super premiums) we need to get over 67.5% Fe and, crucially, **under** 3% of gangue.

Now, and by my reading, ZIOC are very confident of producing DR grade - in part because of the recent RNS messaging (they wouldn't have projected a $10bn NPV unless they were) and in part because of the progress that the Chinese have made with hematite beneficiation techniques (high gradient magnetic separation and gravity separation).

The point of this is that by reducing the gangue to 3% or below the proportion of Fe rises, in Zanaga's case if the 67.4%/5.9% was beneficiated to DR grade the ration would rise to 69.4%/3.0%

GROK says:

WHY THIS IS PLAUSIBLE FOR ZANAGA

Ore Quality: The friable, hematite-dominated, near-surface ore likely has low locked gangue, allowing efficient liberation and separation of silica and alumina via dry methods.

Test Work Support: The reported test results (67.4% Fe, 5.9% gangue) already demonstrate a high-grade concentrate, and Zanaga’s confidence in achieving DR-grade specifications with new technologies suggests further optimization is feasible.

Market Context: The push for DR-grade products, driven by steel decarbonization, favors ultra-high-grade concentrates. Zanaga’s ability to approach 69.4% Fe with 3% gangue via dry processing aligns with this demand and explains the project’s strategic value.

SPECIFIC ANSWER

The estimated 69.4% Fe with 3% gangue using a dry beneficiation route is indeed high but plausible for Zanaga’s premium hematite ore, given its friable nature and the reported test results of 67.4% Fe at 5.9% gangue. Dry methods like magnetic separation or air classification can achieve this by efficiently reducing gangue by 2.9% while retaining high Fe recovery. If slightly less efficient, a conservative estimate might yield 68.4–69% Fe, still within DR-grade specifications. Ongoing test work by Zanaga in 2025 will confirm the exact Fe grade, but 69.4% Fe remains a reasonable target based on the ore’s quality and processing potential.

2018

1. PRODUCT TEST RESULTS

Following ZIOC’s announcement on 8 March 2018, further test work has been conducted by independent third party experts on the viability of producing pellet feed concentrate from Zanaga’s surface ores.

The results of this test work confirm that simple gravity based processing of the friable enriched, hematite dominated, near surface Zanaga iron ore can produce an even higher quality pellet feed iron ore concentrate product than that which was announced in March 2018. The latest test results achieved a pellet feed concentrate grading 67.4% iron, combined silica plus alumina of 5.9%, and 0.03% phosphorus.

P.7 - https://www.zanagairon.com/wp-content/uploads/2019/06/ZIOC-20

'China' Labor Day holiday (1-5May) ends on Tuesday.

A very good time for the MoU with our Chinese EPC....

13,546 at 8.0621

Now imagine a Strategic or II trying to buy even 1% on the open market......

Meanwhile we need to add 'India' to our list of interested parties (+ China, JKT, Australia Majors, Middle East and Europe). our very own Gagan Gupta is, of course, Indian.

INDIA URGING FIRMS TO ACQUIRE OVERSEAS IRON ORE, COKING COAL ASSETS, OFFICIAL SAYS

By Neha Arora

April 26, 20258:03 AM GMT+1Updated 2 days ago

MUMBAI, April 26 (Reuters) - India is encouraging companies to acquire iron ore, coking coal, and other key raw material assets overseas, Steel Secretary Sandeep Poundrik said on Saturday, as the country ramps up its steelmaking capacity to meet rising demand.

"We are encouraging our companies to acquire assets abroad, right from iron ore to coking coal to even limestone and dolomite," Poundrik said at an industry event in Mumbai. "Raw material securitisation is the most important aspect of steelmaking."

India, the world's second-largest producer of crude steel, aims to boost its overall steelmaking capacity to 300 million tons by 2030, up from about 200 million tons currently.

https://www.reuters.com/world/india/india-urging-firms-acquire-overseas-iron-ore-coking-coal-assets-official-says-2025-04-26/

Worth noting the shareholders of Arise IIP - AFC 50.76% and Afreximbank 25.51%.

> Following the Port MoU, Zanaga and ZIOC will know be well known to 2 of Africa's premier project finance entities.

"Equitane, a Dubai-based investment platform founded by Gagan Gupta in 2021, also holds a 23.73% stake in ARISE Integrated Industrial Platforms (ARISE IIP), alongside the Africa Finance Corporation (AFC, 50.76%) and Afreximbank’s Fund for Export Development in Africa (FEDA, 25.51%)."

Grok directly points the finger at Institutional interest following the Equitane Arise P&L deal....

EQUITANE’S PURCHASE OF ARISE P&L AND IMPLICATIONS FOR ZIOC

On April 16, 2025, Equitane DMCC, previously the Africa Transformation and Industrialization Fund (ATIF), acquired Olam Group’s 32.4% stake in ARISE Ports & Logistics (ARISE P&L) for $175 million. This deal bolsters Equitane’s role in African infrastructure, as ARISE P&L manages key ports in Gabon (New Owendo International Port, Owendo Mineral Port) and Côte d’Ivoire (San Pedro Terminal), vital for regional logistics. Equitane, a Dubai-based investment platform founded by Gagan Gupta in 2021, also holds a 23.73% stake in ARISE Integrated Industrial Platforms (ARISE IIP), alongside the Africa Finance Corporation (AFC, 50.76%) and Afreximbank’s Fund for Export Development in Africa (FEDA, 25.51%).

IMPLICATIONS FOR ZIOC’S SEZ AND PORT INFRASTRUCTURE

The strengthened financial position of ARISE P&L under Equitane directly benefits ARISE IIP, which signed a MoU) with ZIOC in December 2024. The MoU focuses on developing port infrastructure within the Pointe-Noire SEZ in the Republic of Congo, crucial for Zanaga. The port facilities, including breakwaters, jetties, and ship loaders, will address a key logistical bottleneck, ensuring efficient export routes. Equitane’s investment in ARISE P&L mitigates risks by securing reliable port operations, de-risking ZIOC’s project execution. This development enhances ZIOC’s operational feasibility, making it more appealing for debt or equity financing. AFC and FEDA, as ARISE IIP shareholders, may also see ZIOC as a strategic partner, aligning with their mandates to boost intra-African trade and industrialization through such infrastructure projects.

RELEVANCE OF COINCIDENTAL SHARE PURCHASES AND BLOCK TRADES

Following the Equitane announcement, ZIOC experienced notable share trades on the London Stock Exchange. On April 17, 2025, a trade of 1 million shares occurred at 7.00p. A larger delayed trade of 2 million shares on April 24, reported on April 25, executed at 7.70p. These trades might have been facilitated through a broker matching a buyer and seller directly, a common practice in block trading to maintain confidentiality and avoid price volatility.

THESE BLOCK TRADES REFLECT HEIGHTENED INVESTOR INTEREST, LIKELY SPURRED BY THE EQUITANE DEAL AND ARISE IIP MOU, WHICH TOGETHER SIGNAL REDUCED LOGISTICAL RISKS FOR ZIOC’S ZANAGA PROJECT. THE TRADES’ TIMING SUGGESTS INVESTORS SEE THE EQUITANE ACQUISITION AS A CATALYST, ENHANCING ZIOC’S PROMINENCE FOR FUTURE INVESTMENT.

Here's a section of my Grok conversation - 'potential acceleration of Pointe Noire...'

"ARISE P&L’s ports are critical for ZIOC’s planned iron ore exports from the Zanaga Project. Equitane’s acquisition ensures continued investment in these assets, potentially accelerating the Pointe-Noire SEZ development outlined in the ZIOC-ARISE IIP MoU."

ADDITIONAL CONTEXT AND ANALYSIS

EQUITANE’S ROLE IN ARISE ECOSYSTEM:

The press release notes Equitane’s 2022 acquisitions of stakes in ARISE IIP and ARISE IS, suggesting it has a longstanding relationship with the ARISE group. Given that ATIF holds 23.73% of ARISE IIP (per earlier data), it’s likely that Equitane, as the rebranded ATIF, is the same entity. This would mean Equitane is a major shareholder in ARISE IIP alongside AFC (50.76%) and FEDA (25.51%), in addition to its new 32.4% stake in ARISE P&L.

The lack of clarity on whether Equitane acquired 100% of ARISE P&L or just Olam’s 32.4% stake (implying other shareholders) is notable. Other sources suggest ARISE P&L was a joint venture, so Equitane may now be the primary or sole owner, pending further details.

IMPLICATIONS FOR ZIOC:

ARISE P&L’S PORTS ARE CRITICAL FOR ZIOC’S PLANNED IRON ORE EXPORTS FROM THE ZANAGA PROJECT. EQUITANE’S ACQUISITION ENSURES CONTINUED INVESTMENT IN THESE ASSETS, POTENTIALLY ACCELERATING THE POINTE-NOIRE SEZ DEVELOPMENT OUTLINED IN THE ZIOC-ARISE IIP MOU.

Equitane’s financial capacity (evidenced by the $175 million deal) and its focus on sustainable infrastructure make it a potential candidate for future investments in Zanaga-related infrastructure, though no such commitment is indicated yet.

Ownership Transparency:

The press release does not disclose Equitane’s shareholders, reinforcing the challenge of tracing its ownership structure. As a DMCC entity, Equitane may be owned by private investors, family offices, or institutional backers. The rebranding from ATIF to Equitane suggests a strategic shift, possibly to broaden its investment scope beyond Africa, but no specific ownership changes are noted.

Critical Perspective

The acquisition strengthens Equitane’s influence within the ARISE ecosystem, which could benefit ZIOC’s Zanaga Project by ensuring robust port infrastructure.

Conclusion

The April 16, 2025, press release confirms Equitane DMCC’s $175 million acquisition of Olam Group’s 32.4% stake in ARISE P&L, reinforcing Equitane’s role in African infrastructure and logistics. While Equitane’s ownership structure remains undisclosed, its strategic moves, including prior stakes in ARISE IIP and ARISE IS, position it as a key player in the ARISE ecosystem. This acquisition indirectly supports ZIOC’s Zanaga Project by enhancing ARISE P&L’s port capabilities, critical for the Pointe-Noire SEZ. For further details, visit www.equitane.com, www.arisepl.com, or www.olamgroup.com.

Looking at ZIOC's 2 recent blocks trades (1m at 7.00p printed 17th April and 2m at 7.70 printed 24th April, both delayed reports) both could well be related to the 16th April purchase by Equitane of the 32.4% stake in Arise Port & Logistics (see below) - Gagan Gupta is Chairman of Equitane. Arise P&L is a division of Arise IIP

Whilst the blocks are coincidental, Grok gets very excited about the likelihood of either Equitane themselves or Institutional Investors being behind the buys. If so I venture that the buying wouldn't stop at a measly 3m shares, or 0.36% of ZIOC, when Gupta accounts for 10% elsewhere.

Anyway, here's Equitane's Press release of the 16th and then some highlights of my Grok interaction:

16 APRIL 2025

STRATEGIC ACQUISITION TO STRENGTHEN EQUITANE’S LEADERSHIP IN INFRASTRUCTURE AND LOGISTICS ACROSS EMERGING MARKETS

‍

Dubai, UAE – Equitane DMCC (“Equitane”), previously known as the Africa Transformation and Industrialization Fund, is pleased to announce entering into a definitive agreement with Olam Group Limited to acquire its 32.4% equity stake in ARISE P&L Limited (“ARISE P&L” or “ARISE Ports &Logistics”), a ports and logistics company. The acquisition, valued at US$ 175 million is set to expand Equitane’s growing portfolio in infrastructure and logistics.

With this acquisition, Equitane continues to strengthen its position as a key player in developing sustainable infrastructure solutions in high-growth regions. ARISEP&L, a leading Pan-African logistics provider, operates an extensive network of ports and logistics hubs critical to the African market economy. This strategic transaction follows Equitane's earlier acquisitions stake in ARISE IIP and ARISE IS in 2022, reinforcing the company’s commitment to enhancing infrastructure in key regions.

‍‘‘We are excited to complete this acquisition, which reinforces Equitane’s strategy to build scalable, sustainable businesses that address the infrastructure needs of emerging markets. ARISE P&L plays a vital role in driving economic growth and enhancing regional connectivity within West and Central Africa. This acquisition further strengthens our position in the logistics and infrastructure sectors and supports our goal of fostering long-term, sustainable growth in Africa and beyond.’’

- Anish Jain, CEO of Equitane.

https://www.equitane.com/press-blogs/equitane-acquires-olam-groups-remaining-32-4-stake-in-arise-ports-logistics

Who would like to know the likely trigger, and maybe even the identity of the buyer themselves?

Just a quick look in from me, and we have a World First - the first ever stock market pump where there's been no pumping and no ramping on any forum or platform, and where all the buys have been between the rampers themselves.

Amazing stuff.

Patience

> So Fortescue have no West African iron ore resource with which to grade up their Pilbara junk, plus their urgent corporate need to go 'green'.

Surely de facto confirmation that Twiggy and Crew are suitors for Zanaga.