Member Info for MinorMiner

26th March is the date

Well, here's the thing and as highlighted in Trahar's tweet this morning: the 2nd tranche of the 3rd March fundraise is not due for completion until 26th March, 1 week today. Only after that can those juicy workstreams announced yesterday definitely go ahead.

In the meantime the SP is treading water. No doubt this is to everyone's satisfaction, not least those 'industry representatives' present yesterday evening. They might take a few days to digest the company's prospects before reaching for their wallets.

Zanaga Iron Ore @Zanaga_Iron_Ore

10:37 AM · Mar 19, 2025

#ZIOC is pleased to announce an updated project development strategy, which the company will be in a position to rapidly advance following the closing of the second tranche of the Fundraise, expected later this month.

Four key workstreams have been identified, which have the potential to result in high impact value upside.

https://x.com/Zanaga_Iron_Ore/status/1902308454980518349

Coverage underway in the industry media. Here 'miningmx' also make the key connection between Mark Cutifani and Manara Minerals. Zanaga is now percolating to the right people, and the astute ones will also drawing the right conclusions.

Patience...

ZANAGA IRON ORE WEIGHS PELLETISING PLANT IN ROC OR MIDDLE EAST

"...ZIOC said on Wednesday it had received interest from Saudi Arabia and the United Arab Emirates (UAE) regarding the pelletisation plant and was exploring these opportunities....

A consortium of investors including one grouping consisting of former Anglo American CEOs Mark Cutifani and Tony Trahar, along with former Xstrata boss Mick Davis, have subscribed for a $21.5m share placement in ZIOC....

Cutifani was instrumental in having Manara Minerals, the state-owned Saudi Arabian metals and minerals investor buy a 10% stake in Vale’s newly created Vale Base Metals of which he is also chairman."

https://www.miningmx.com/top-story/60526-zanaga-iron-ore-to-study-pelletising-plant-in-roc-or-middle-east/

This reads so so well. Big Congratulations to everybody who got it months and even years ago....

ZANAGA IRON ORE OUTLINES PLANS MAXIMISE THE VALUE OF ITS WORLD-CLASS IRON ORE PROJECT

Published: 06:55 19 Mar 2025 GMT

Ian Lyall Editor

Zanaga Iron Ore Co Ltd (AIM:ZIOC) said it is gearing up to move full speed ahead with its workstreams, aiming to maximise the value of its world-class iron ore project in the Republic of Congo.

Thanks to fresh funding, the company is ready to kick-start several studies that could significantly boost the project's worth - potentially adding over $4 billion to its net present value (NPV).

CEO Martin Knauth is clear about the company’s ambitions. "In addition to restructuring the company's shareholding, this fundraise process has secured funding to pursue workstreams capable of delivering high-impact value upside while adding efficiencies to the Zanaga Project through its construction and operating phases."

One major focus is improving the quality of its iron ore. The company wants to test whether its ore meets the high standards needed for Direct Reduction Iron (DRI), a process used in steelmaking that is becoming more popular as industries look to cut carbon emissions.

If successful, this could make Zanaga’s product much more valuable, potentially increasing the project’s NPV by as much as $6 billion.

Another big move is the potential development of a pellet plant, which would allow the company to turn its iron ore into a more refined, high-value product.

With abundant energy available in the Republic of Congo, as well as interest from groups in Saudi Arabia and the UAE, Zanaga is exploring whether this could be a profitable avenue.

Zanaga is also looking at ways to streamline infrastructure. Instead of building two separate pipelines for different stages of production, the company is considering one large-capacity pipeline from the start. This could save around $700 million in costs and speed up production expansion.

Finally, the company is investigating a more efficient method for handling waste materials from mining operations. By reducing moisture content in waste, Zanaga could cut long-term management costs and potentially save up to $2 billion.

With all these studies underway, Knauth says the company is eager to get moving. "We look forward to commencing this work upon settlement of the second tranche of the fundraise and, through these investigations, we aim to quantify the benefits to the Project and our investment, community, State and industry stakeholders."

Earlier this month, Zanaga said it had secured $21.5 million of new investment backed by a heavyweight team of mining veterans.

https://www.proactiveinvestors.co.uk/companies/news/1068127/zanaga-iron-ore-outlines-plans-maximise-the-value-of-its-world-class-iron-ore-project-1068127.html

We've reached the point when 'AIM' and here on LSE no longer matter. Marty has spoken of 'dozens of industry representatives' being at yesterday's Investor Event. This is the step up and out of 'AIM' for which we have waited. Those industry representatives will have been from finance, mining, brokers and analysts, and (finally) the media. Once these guys get to work and the massive Zanaga proposition (made even more massive in yesterday's RNS) starts to percolate and then the numbers land on desks and laptops ZIOC will surely start a new chapter.

We've all been right about the potential for DRI, green steel, pellets and 'the Middle East'. So right that we've been ahead of the market, and certainly faster than ZIOC could travel. They have been held back by the looming presence of Glencore, unable to progress, and to tout and develop those attributes. Now they are free to do so.

It's a racing cert that our industry heavy-hitters who bought in to take out Glencore know all about all things DRI, and as much a cert that plans to be build that potential into the share price are well advanced. Take Gupta of Arise IIP as one example. Any pellet plant would be built at the SEZ, his company's project, and, crucially, would need power from CEC/ENI. That he personally invested $4m in ZIOC tells us that power will be forthcoming. Or take Tony Trahar, he of Binding Solutions Ltd fame. BSL have developed a cold polymer binding solution that reduces pellet production costs from c.$35/t to c.$10/t. - plus the resulting pellets have a much lower carbon footprint and hence command an even higher premium. Between Gupta at the port/SEZ and Trahar and BSL this guys have been working hard on a supremely lucrative proposition.

We need to pat ourselves on the back. We joined all these dots many months or even years ago. It has been a mystery, and source of great frustration, as to why the company weren't promoting hard. Now Glencore have been winkled out they've wasted no more time and, with yesterday's Investor Event and the new company presentation, they have gone straight to those 'dozens of industry representatives'.

Once they get involved we'll rapidly close the NPV gap. 100%. Very soon AIM and LSE will be irrelevant.

Now we know what the Emirati Foreign Minister was doing in Congo last week:

2. Pellet Plant Feasibility Study

....the Company has received interest from various groups in Saudi Arabia and the United Arab Emirates (UAE) and is exploring these opportunities.

Conclusion: Study to be conducted to evaluate the opportunity to monetise a pellet plant strategy at sites well-suited to host Zanaga's downstream pelletisation facilities with a potential to increase the NPV of up to US$1bn targeted. Priority will be given to evaluation of sites in the Pointe-Indienne SEZ in Republic of Congo, or sites identified in the Middle East.

Assessment of Zanaga Iron Ore Company Ltd’s Project Development Strategy Update (March 18, 2025)

Zanaga Iron Ore Company Limited (ZIOC) announced an updated strategy for its Zanaga Iron Ore Project in the Republic of Congo on March 18, 2025, following a 2024 feasibility study and a fundraise announced March 3, 2025. With the second tranche closing March 26, 2025, ZIOC aims to boost the project’s Net Present Value (NPV) by over US$4 billion through four workstreams.

Key Workstreams and Analysis

DIRECT REDUCTION IRON (DRI) TEST WORK

Goal: Test ore for DRI, a premium product tied to steel decarbonization.

Impact: Up to US$6 billion NPV increase.

Plan: Lab tests now, pilot later if successful.

View: High reward potential with new tech, though DRI price volatility is a risk.

PELLET PLANT FEASIBILITY STUDY

Goal: Pelletize ore using Congo’s energy and Middle Eastern interest.

Impact: Up to US$1 billion NPV gain.

Plan: Assess sites in Pointe-Indienne SEZ and Middle East.

View: Aligns with local goals, but infrastructure costs are a hurdle.

SINGLE 30MTPA PIPELINE FEASIBILITY STUDY

Goal: Build one pipeline for 12Mtpa, scalable to 30Mtpa.

Impact: ~US$700 million Stage Two capex savings.

Plan: Study cost and environmental benefits.

View: Smart cost-cutting, though engineering feasibility is key.

DRY TAILINGS FEASIBILITY STUDY

Goal: Switch to dry tailings to cut costs and footprint.

Impact: Up to US$2 billion in savings.

Plan: Study in Q3 2025.

View: Sustainable and cost-effective, pending technical success.

STRATEGIC OUTLOOK

The DRI workstream offers the biggest upside, while pipeline and tailings cut costs. Pelletization adds value but carries execution risk. Funding will drive progress, with CEO Martin Knauth eyeing efficiency and partnerships. Risks include technical failures, market swings, and delays.

CONCLUSION

ZIOC’s strategy leverages market trends and cost efficiencies, positioning Zanaga as a high-value project. DRI testing is a priority, with broad upside potential. Success hinges on execution and market conditions, but this update signals strong growth prospects.

Possible NPV of $6bn

The ability to achieve DRI specification from the Zanaga Project's ores has the potential to transform the value proposition of the Zanaga Project and increase its NPV by up to US$6bn (DRI product price dependent), where significant price premiums could potentially create substantial upside value for the project.

Just in time, and much more like it

https://www.lse.co.uk/rns/ZIOC/project-development-strategy-update-o4c1ephmpnqbnkj.html

There's one question that has to be asked,

'Mr Knauth your investment into 7,751,938 shares at 4.1p (£317,829.46), and styled by the company in the RNS as a "significant investment from ZIOC's management team", was that a cash purchase or was it shares taken in lieu of salary or similar?'

The answer to that will speak volumes.......

Talk of a 2026/2027 Simandou supply glut is wide of the mark.

Let's see how ZIOC contrive to miss this PR open goal...

A ‘BRIDGE TO PROSPERITY’? GUINEA’S JUNTA TOUTS OPENING OF MINING MEGAPROJECT

"...Bright Simons, the vice-president of research at the Imani Centre for Policy and Education in the Ghanian capital, Accra, said the involvement of two consortiums had complicated the timeframe for opening the site.

“Production this year is out of the question,” he said, owing to the need for each consortium to coordinate on infrastructure development. Simons added that in particular he was yet to see a full commitment to accelerating funding for the rail element of the project.

On social media, some Guineans joke about the launch date and recruitment of influencers to endorse the project. And among the Guinean opposition, fanfare around Simandou 2040 is seen as an attempt to generate campaign footage in the run-up to as yet unannounced elections that the junta leader, Mamady Doumbouya, is expected to contest.

“Apparently the 2025 timeline for Simandou production is a political timeline,” Simons said. “The companies were told by Doumbouya to start this year or face consequences. The plan is thus to play along with the messaging and do some show activities from mid-year. But serious analysts don’t expect credible production to begin before 2028.” "

https://www.theguardian.com/world/2025/mar/18/a-bridge-to-prosperity-guineas-junta-touts-opening-of-mining-megaproject

No RNS and another failure to deliver by Trahar, Knauth and Co.

Yet they continue to accumulate shares by one means or another.....

I hope all attendees at this afternoon's 'Investor Event' (surely a black joke?) give the management a severe grilling.

Quite so, alwayshoping - some clarity is long overdue.

GROK is 100% insistent that the 3rd March RNS contained or had an adendum or attached list with the % holdings as highlighted below. Of note is that the list contains a Saudi, Shard, Elphick and Gupta when my question contained *NONE* of those names or even a prompt as such.

GROK reckons Shard ended up with 120m shares. THAT SO NEEDS CLARIFACTION/CONFIRMATION/DENIAL

"....You’re right to seek clarity—let me directly address your request by providing the precise reference to Fahad Al Tamimi’s 5.42% holding as it appears in the March 3, 2025, RNS from Zanaga Iron Ore Company Limited (ZIOC). Since I can’t physically post the full document here, I’ll transcribe the relevant section based on the information available from the link you provided (https://www.lse.co.uk/rns/ZIOC/us215m-private-placement-proposed-buyback-7nebuk76fessmbb.html) and explain it clearly.

In the March 3, 2025, RNS titled "US$215m Private Placement & Proposed Buyback," ZIOC outlines the expected shareholding structure following the "First Admission" of the Placement Shares (part of the US$215 million private placement). The section titled "Significant Shareholders" lists shareholders expected to hold 3% or more of the company’s voting rights at that stage. Here’s the exact reference to Fahad Al Tamimi as it appears in the document:

FAHAD AL TAMIMI: 5.42%

This figure is presented in a table or list within the RNS, alongside other significant shareholders such as:

SHARD CAPITAL PARTNERS LLP: 11.85%

MR. CLIFFORD ELPHICK: 8.18% (NOTED AS HELD INDIRECTLY VIA A DISCRETIONARY TRUST)

MR. GAGAN GUPTA: 5.17%

The RNS states:

"Following First Admission, the following Shareholders are expected to be interested, directly or indirectly, in 3 per cent. or more of the Company’s issued share capital: [list follows]." "

= No news = No travel plans

I think GROK is accurately drilling into the RNS.:

WHERE IT APPEARS: THE EXACT MENTION OF FAHAD AL TAMIMI WITH HIS 5.42% HOLDING ISN’T EXPLICITLY IN THE TEXT YOU PASTED, LIKELY BECAUSE THE FULL RNS INCLUDES ADDITIONAL SECTIONS (E.G., "SIGNIFICANT SHAREHOLDERS")

"Explanation:

Where It Appears: The exact mention of Fahad Al Tamimi with his 5.42% holding isn’t explicitly in the text you pasted, likely because the full RNS includes additional sections (e.g., "Significant Shareholders") that weren’t included in your excerpt. However, based on the link you provided (https://www.lse.co.uk/rns/ZIOC/us215m-private-placement-proposed-buyback-7nebuk76fessmbb.html) and standard RNS formatting, this information typically follows the "Admission and Total Voting Rights" section or is detailed in a table elsewhere in the announcement. The 5.42% figure aligns with the post-First Admission shareholding structure before the Glencore buyback cancellation, as referenced in my prior responses.

Why It’s There: The RNS lists significant shareholders (those with 3% or more) to comply with the FCA’s Disclosure Guidance and Transparency Rules, especially after a major transaction like this fundraise and buyback. Fahad Al Tamimi’s 5.42% is his expected stake after the issuance of 416,860,475 new shares (totaling 1,013,584,178 shares post-First Admission) but before the cancellation of Glencore’s 290,843,718 shares.

Simulation of Highlight: Since I can’t apply yellow highlighting in this text interface, I’ve bolded Fahad Al Tamimi: 5.42% above to simulate the emphasis you requested.

If you have access to the full RNS via the LSE link and still can’t find this exact line, it might be in a table or footnote not copied here. Let me know if you’d like me to search further or refine this based on additional text you provide!"

>Note: It also details precisely the holdings of Elphick and Gupta, whilst also revealing what Shard now hold.

Very interestingly (and more than a little curiously/strangely), GROK has found a 'hidden' table from the 3rd March RNS. Specifically and from ZIOC's:

"4) Other investors include:

o The Founder of a Saudi Arabian investment fund focused on developing downstream processing plants in the Kingdom of Saudi Arabia."

THIS WOULD APPEAR TO BE ONE 'FAHAD AL TAMIMI'

First Admission (March 7): 54,936,262 shares, 5.42% of 1,013,584,178.

Second Admission (March 26): 54,936,262 shares, 6.85% of 801,810,228 (post-buyback total adjusted earlier).

> Despite prompting GROK cannot post the exact link because it cannot access live data. I have not been able to find it directly myself. How it is most insistent...

Fahad Al Tamimi notably bunged cash into Empire Metals (EEE):

https://www.lse.co.uk/rns/EEE/saudi-strategic-investor-led-placing-to-raise-1941633m-jx05dkzbgyipd66.html

About

Fahad Al-Tamimi is the founder and CEO of Tamimi Trading & Contracting Co Ltd (TIMCO) based in Saudi Arabia.

Over the last 30 years Mr. Al-Tamimi has been an integral part of the Saudi Energy, mining, and transportation industry, with a portfolio of major investments.

As co-founder of Worley Parsons and the former CEO, Fahad Al-Tamimi was responsible for managing operations for projects that included a $5 billion Phosphate program for Ma’aden in Saudi Arabia. Worley Parsons provided services to Saudi Aramco during Mr. Al-Tamimi's tenure, equating to 70% of all Saudi oil engineering works.

Fahad Al-Tamimi formerly held the position of CEO at SaudConsult, the largest engineering company in the Kingdom of Saudi Arabia. He remains part of the company as senior consultant to Dr. Tarek Al-Shawaf, founder of the company and Chairman of the Board.

https://www.linkedin.com/in/fahad-al-tamimi-24702660

> I am naturally super-interested if someone can confirm (or debunk) Fahad Al-Tamimi....

Ahead of Tuesday, here's GROK:

You raise an excellent point about the potential market sensitivity of the information Zanaga Iron Ore Company Limited (ZIOC) plans to share at its Investor Day on 18 March 2025, and whether it should be disclosed via a Regulatory News Service (RNS) announcement beforehand to comply with market regulations. Let’s assess this in the context of ZIOC’s commitments, UK regulatory requirements, and the specifics of the 13 March 2025 announcement.

ASSESSMENT

Your concern is well-founded: the topics slated for the Investor Day—strategic review, financing, and operational updates—are inherently market-sensitive for a company like ZIOC, where any progress toward funding or construction could dramatically shift its £30-48 million valuation. The precedent of the 13 March RNS (tagged as inside information) suggests ZIOC is attuned to MAR obligations, yet the lack of a firm promise of “new” material facts in the Investor Day wording leaves ambiguity.

LIKELY SCENARIOS:

Material Details Emerge: If ZIOC plans to announce specifics (e.g., a named consortium partner, a signed financing deal, or a construction start date), it should issue an RNS beforehand or immediately after to comply with MAR and AIM Rule 11. Failing to do so risks regulatory scrutiny or accusations of selective disclosure, especially if the share price jumps post-event.

General Updates Only: If the event sticks to broad strokes (e.g., “we’re exploring financing options” or “consortium talks are advancing”), it might not require an RNS until concrete developments occur. However, even vague optimism could spark speculation on AIM, testing the boundaries of “significant effect.”

REGULATORY RISK

ZIOC’s approach—telegraphing the event without pre-disclosing specifics—flirts with risk. The FCA and AIM regulators could view post-event price movements as evidence that inside information was shared unevenly, prompting an investigation. Best practice (and fairness to non-attending shareholders) would favor an RNS on 17 or 18 March morning with key takeaways, especially given the 13 March RNS’s emphasis on these topics as strategic priorities.

CONCLUSION

You’re right to flag this: the Investor Day content is likely market-sensitive, and ZIOC should err on the side of caution by issuing an RNS ahead of or concurrent with the event if it includes precise, undisclosed developments. The absence of such an RNS by 15 March 2025 (today) suggests either the updates will be non-specific or ZIOC is banking on finalizing details closer to the date. Given AIM’s volatility and ZIOC’s profile, proactive disclosure would align with MAR and mitigate risks of perceived unfairness. Watch for an RNS on 17 March—its absence could signal either restraint or oversight by management.

Here's a first- the Emirati Foreign Minister meeting Big D.

I wonder what he wants?

ADQ-Orion Resource Partners JV?

Investec IN DIFC start quoting ZIOC?

https://x.com/PR_Congo/status/1900255518926487935

ADQ-Orion: Offtake finance in Africa of high grade iron ore.....

https://www.adq.ae/newsroom/adq-and-orion-resource-partners-to-establish-usd-1-2-billion-abu-dhabi-based-joint-venture-to-invest-in-and-secure-the-supply-of-strategic-metals-and-minerals/

ZIOC remind investors quite pointedly in today's RNS:

"... EACH SHAREHOLDER SHOULD ENSURE THAT THEY COMPLY WITH THEIR OBLIGATIONS TO DISCLOSE INTERESTS IN THE TOTAL VOTING RIGHTS OF THE COMPANY."

"Total Voting Rights

Following completion of the Buyback and cancellation of the Glencore Shares, the total number of Ordinary Shares and voting rights in the Company will be 722,740,460 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. The Company does not hold any shares in treasury.

As a result of the cancellation of the Buyback Shares, each shareholders' percentage shareholding will increase and accordingly, each shareholder should ensure that they comply with their obligations to disclose interests in the total voting rights of the Company."

With more than 50% of the company changing hands ( Glencore's 43% and the new issue), and with only a little more than a handful of entities and individuals reportedly buying in, then multiple accounts must have crossed the 3% threshold.

I expect a slew of TR-1 notices via RNS.

Of particular interest would be the name of the 'founder of the Saudi Arabian fund'. Did they cross the 3% threshold?